HomeNews300 Million People Trust Tether’s USDT, Says CEO Ardoino

300 Million People Trust Tether’s USDT, Says CEO Ardoino

- Advertisement -
  • Over 300 million people globally use USDT as a digital currency in emerging markets.
  • Tether is among the top three global purchasers of short-term US Treasury Bills.

Paolo Ardoino, CEO of Tether, just underlined how important USDT is to boosting demand for the US dollar in emerging nations.

In response to a story that said dollar-backed stablecoins support US public debt demand, Ardoino highlighted the widespread use of USDT, stating that more than 300 million people use it as a virtual currency worldwide.

Financial Inclusion and Efficiency

Money transfers and storage are made more efficient by USDT, which provides vital financial services to underdeveloped populations. It gets over established banking structures, which frequently leave out the underbanked.

“Over 300 million individuals worldwide utilize the USDT as their digital currency, giving entire underdeveloped areas a vital resource.” Ardoino added:

“These people are underserved by the banking industry, mostly remaining unbanked and subject to high inflation and fast devaluation of their national currencies.”

Global Financial System Impact

Tether would be above countries like Indonesia, Pakistan, and Nigeria if it were a country. This strong adoption of USDT has a significant impact on the global financial system.

Ardoino pointed out that Tether is one of the top 20 overall buyers and one of the top three worldwide buyers of short-term US Treasury bills.

This shows how Tether is becoming more and more influential in the financial industry and how virtual assets are being integrated with conventional financial institutions.

Tether’s Financial Holdings 

Tether reported holding about $90.87 billion in US Treasury securities as of March 31, 2024, in its Q1 attestation report.

Source: Tether

Among these holdings are both direct and indirect ownership of US Treasury securities; the latter is represented via overnight reverse-repurchase agreements. By using money market funds, the company also makes direct investments in US Treasury securities.

At more than $112 billion in market value, Tether’s USDT is the most popular stablecoin in the sector. CoinMarketCap reports that, even more than Bitcoin, digital assets dominate the market with almost 70% of the trading volume.

Furthermore, chain analysis research reveals a consistent increase in the world market for stablecoins like USDT in developing nations like Nigeria, Turkey, Thailand, and Brazil. Though it rules, Tether is constantly under regulatory inspection.

Decentralization and Bitcoin

Before, ETHNews reported that Ardoino’s focus was on Bitcoin’s special decentralized character among more than 14,000 cryptocurrencies. This feature highlights even more how unique Tether is and how it benefits the financial sector.

Recently, Ripple CEO Brad Garlinghouse made the baseless suggestion that the US government would target the asset.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628