Tether, the world's largest dollar-backed stablecoin issuer, announced that USDT has surpassed 500 million users and the total supply is approaching $182 billion.
The company plans to launch USAT, a new dollar-backed stablecoin for US users, by the end of the year.
Tether CEO Paolo Ardoino shared a post on the X platform, saying, “USDT has officially reached 500 million users. It’s arguably the greatest achievement of financial inclusion in history.” Ardoino also added, “Programmable money is ultimately a social network; a structure that moves both information and value peer-to-peer.”
The total supply of USDT stands at approximately $182 billion. Its closest competitor, Circle, has approximately $75 billion worth of USDT in circulation.
Last month, Bloomberg reported that El Salvador-based Tether was aiming to raise up to $20 billion from investors, positioning the company at a valuation of around $500 billion. According to the report, Cantor Fitzgerald is advising Tether on the potential deal.
The new stablecoin, USAT, is being designed specifically for the US market. The country's new regulatory framework has increased interest in the stablecoin space from both cryptocurrency companies and traditional financial institutions.
Tether also announced that it will release a short documentary shot in Kenya to celebrate reaching 500 million users.
*This is not investment advice.
