The stablecoin Tether, pegged to the US dollar, surpassed 500 million users on October 22, providing a means of transaction and savings for those excluded from the traditional banking system.
"Perhaps the largest achievement in financial inclusion in history," Tether CEO Paolo Ardoino wrote in a post on the X platform.
Tether stated that this figure represents 500 million "real users," not just the number of Tether (USDT) wallets, meaning its stablecoin is now used by approximately 6.25% of the global population.
The World Bank Group estimates that 1.4 billion adults worldwide lack access to bank accounts. Cryptocurrency is one potential solution to this problem, as anyone with a mobile phone can download a cryptocurrency wallet to receive and securely store funds.
For people living in countries with high inflation or where there is a real risk of funds being confiscated, cryptocurrency may also be beneficial.
To celebrate this milestone, Tether shared a 10-minute documentary showcasing the use of USDT in Kenya, where people turn to the stablecoin "not for speculation, but for survival."
Ardoino noted that 37% of USDT users hold the stablecoin as a means of storing value.
The documentary also highlighted how small businesses have been forced to turn to using USDT to pay for imported goods, providing these companies with a lifeline to maintain operations as a substitute for the weak Kenyan shilling.
According to CoinGecko data, USDT is currently the largest stablecoin, with a market capitalization of $182.4 billion, accounting for 58.4% of the market share. Circle's USDC ranks second, with a market capitalization of $76.8 billion.
Last month, reports indicated that Tether was in talks with investors to raise up to $2 billion at a valuation of about $500 billion, which would make Tether one of the most valuable private companies in the world.
Financial services firm Cantor Fitzgerald is serving as the lead advisor on this potential deal.
Related: Bolivia's new president supports using blockchain to address government corruption issues
Original article: “Tether CEO: USDT Stablecoin Reaches 6.25% of Global Population”
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