US dollar-pegged stablecoin Tether hit its 500 millionth user on Tuesday, according to its CEO Paolo Ardoino, offering a means to transact and save for those who have been excluded by the traditional banking system.
“Likely the biggest financial inclusion achievement in history,” Ardoino wrote in a post on X.
Tether said the figure represents 500 million “real people,” not simply Tether (USDT) wallets, suggesting its stablecoin has now been used by around 6.25% of the world’s population.
The World Bank Group estimates there are 1.4 billion adults that don’t have access to a bank account globally. Crypto is one potential solution to the problem, as anyone with a phone can download a crypto wallet to receive money and store funds securely.
Crypto can be also beneficial for those who live in high-inflation countries, or nations where the risk of having one’s funds seized is real.
USDT is helping people and small businesses in Kenya
To celebrate the milestone, Tether shared a 10-minute documentary showcasing USDT adoption in Kenya, where people turn to stablecoins “not for speculation, but for survival.”
Ardoino noted that 37% of USDT users hold the stablecoin as a store of value.
It also highlighted how small businesses have been forced to turn to USDT to pay for imports as an alternative to the weakening Kenya shilling, providing a lifeline to keep those companies afloat.
Related: Tether to launch USAT, names ex-Trump adviser as CEO
USDT is by far the largest stablecoin, with a market cap of $182.4 billion, representing a 58.4% market share, according to CoinGecko. Circle’s USDC (USDC) comes in next at 76.8 billion.
Tether could be worth half a trillion dollars
Last month, Tether was said to be in talks with investors to raise up to $20 billion at around a $500 billion valuation — which would make Tether one of the most valuable private companies in the world.
Financial services firm Cantor Fitzgerald is acting as a lead adviser in the potential deal.
Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road
