- Tether claims 500 million users, calling it a milestone for financial inclusion.
- USDT’s supply is about $182.4B with a ~58.4% market share; USDC sits near $76.8B.
- Tether plans USAT, a dollar-backed stablecoin aimed at the U.S. market.
- Company is in talks to raise up to $20B at around a $500B valuation, advised by Cantor Fitzgerald.
Tether says its dollar-pegged token USDT now serves 500 million users worldwide, a threshold the company presents as a landmark for access to digital dollars. Announced by CEO Paolo Ardoino on X, the claim centers on people rather than wallets, underscoring the project’s push to frame stablecoins as practical money tools rather than speculative assets.
Context around the number highlights Tether’s scale: the USDT supply sits near $182.4 billion, while Circle’s USDC is roughly $76.8 billion in circulation. That gap reinforces Tether’s leadership in dollar-linked tokens and reflects how stablecoins have become core infrastructure for crypto trading, payments, and remittances across multiple networks.
How Tether frames the 500M figure
The company asserts the total represents “real people,” not just addresses, implying roughly 6.25% of the global population has used USDT in some capacity. That context matters against World Bank estimates of about 1.4 billion adults remaining unbanked. Tether also says around 37% of users hold USDT as a store of value, a behavior consistent with regions dealing with inflation, currency controls, or volatile exchange rates.
Real-world usage in Kenya and other emerging markets
To mark the milestone, Tether released a short documentary focused on Kenya that spotlights everyday use cases: small businesses paying for imports, households shielding savings from local currency swings, and peer-to-peer transfers that don’t depend on banks. Similar patterns appear across Africa, Latin America, and Southeast Asia, where USDT has become a practical on-ramp to dollars and a bridge for cross-border commerce.
Market footprint, liquidity and network breadth
USDT remains the largest stablecoin, with a market share near 58.4% per recent market dashboards. USDC trails with approximately $76.8 billion outstanding. Liquidity spans major chains including Ethereum, Tron and Solana, aided by new DeFi integrations, helping stablecoins account for a significant share of on-chain activity; in many snapshots, stablecoins represent well over half of observed transaction volume. This breadth underpins USDT’s role as the de facto settlement asset across exchanges and apps.
A U.S.-focused stablecoin: USAT
Tether plans to introduce USAT, a dollar-backed stablecoin for U.S. users, before year-end, aligning with evolving regulatory discussions stateside. The move aims to serve demand from consumers and institutions that prefer a product designed for the American market, potentially upping competition in a landscape where USDC has been strong with regulated counterparts.
Funding talks and a landmark valuation
Beyond product plans, Tether is said to be in discussions to raise up to $20 billion at an approximate $500 billion valuation, which would place the company among the world’s most valuable private firms. Cantor Fitzgerald is reportedly advising on the potential deal, and Tether’s base of operations in El Salvador underscores how the firm has leaned into global hubs amid shifting policy in larger markets.
Programmable money and Tether’s role in the crypto stack
Ardoino has framed programmable money as a kind of peer-to-peer social network for value in which information and funds travel together. In practice, USDT functions as collateral, a medium of exchange and a settlement currency across centralized exchanges and DeFi protocols. That versatility, amplified by multi-chain support, helps stabilize liquidity during volatility while providing a familiar dollar unit for traders and non-crypto natives alike.
Regulation, transparency and trust dynamics
Debate over reserve transparency has long shadowed Tether, but the company now publishes regular attestations detailing its backing and has maintained dollar parity through multiple market cycles. As governments refine stablecoin rules and explore central bank digital currencies (CBDCs), Tether’s scale and staying power will hinge on continued disclosures, counterparty risk management and alignment with emerging frameworks.
Across user growth, market share and new product plans, Tether’s latest milestone lays out a clear picture: USDT’s reach now spans hundreds of millions of people, its liquidity anchors trading and payments on several blockchains, and the company is positioning for regulated markets with USAT while courting institutional capital at a headline-grabbing valuation.
