Tether Reports USDT Reaches 500 Million Users Globally
Tether's USDT Reaches 500 Million Users
- Tether executive Paolo Ardoino announced that the stablecoin USDT has reached 500 million users, which is approximately 6.25% of the global population.
- USDT’s circulating supply is reported at roughly $182 billion, making it one of the largest stablecoins in circulation.
Financial Inclusion and Usage
- The milestone is touted as a major achievement for financial inclusion, particularly in markets with limited traditional banking access.
- Stablecoins like USDT are used for cross-border payments, local transfers, and as a store of value in emerging markets where local currencies are unstable.
- The practical use of stablecoins helps people and businesses avoid local currency volatility.
Verification Concerns
- The method for counting “users” was not disclosed, raising questions about the accuracy and definition of "user".
- Without detailed methodology, the user count remains a self-reported figure by Tether, lacking independent verification.
Regulatory Scrutiny
- Global regulators are increasingly scrutinizing stablecoins, which could impact their future use in payments and remittances.