Tether USDT Reaches 500 Million Global Users

The US Dollar-pegged stablecoin USDT, issued by Tether, has reached 500 million users, marking a major milestone. The company disclosed this on X, noting that it will launch a documentary from Kenya.

According to the firm, the milestone represents the real impact that Tether USDT has had since its launch.

It said:

“USD₮ just reached 500 million users. But to us, it’s never just a number — it’s 500 million real people.”

USDT Adds Over 100 Million Users in 2025

With the flagship stablecoin now having 500 million users, Tether CEO Paolo Ardoino has described it as the biggest financial inclusion achievement ever.

He said:

“Programmable money is the ultimate social network. A peer-to-peer construct that transports both information and value.”

Interestingly, the journey to 500 million users was remarkably swift for USDT. It had around 3.1 million users at the start of 2020 and reached 100 million in 2022.

However, its growth over the past three years has been explosive, reaching approximately 394 million by January 2025. This means it has added over 100 million users in ten months.

35% of USDT 500 Million Users Hold it for Savings

Meanwhile, Tether claimed in its short documentary that 35% of USDT users use it as a savings account. The documentary shows how USDT is being used in Kenya.

According to the firm, USDT is bringing “freedom, stability, and hope” to users in the East African country. Residents featured in the documentary confirmed this, noting that they mostly use it for savings due to the volatility of the local currency.

As the residents noted, the value of the Kenyan Shilling has been depreciating for several years now. Thus, they hedge against this depreciation by saving in USDT.

Ardoino, who also featured in the video, confirmed this, citing Nigeria as an example. He noted that the Nigerian Naira’s constant depreciation against the US Dollar has made stablecoins such as USDT attractive to residents.

Interestingly, another major use case cited by many was remittances. Users observed that cross-border transfers to other African countries can prove complex and costly. However, stablecoins allow them to make such transfers easily.

$200 Billion Circulating Supply Next Target for USDT

Meanwhile, the next potential milestone for USDT is its circulating supply to hit $200 billion. According to Defillama, the stablecoin already has a market capitalization of over $182 billion, which is enough to give it a 59% dominance.

The second closest stablecoin in market cap is Circle USDC with $75 billion. However, USDT supply has increased by 5.7% in the past month, faster than USDC’s 3.07%. Given its current growth trajectory, USDT looks poised to maintain its dominance.

A major reason for USDT’s dominance is its focus on emerging markets in Africa, Asia, and South America. This also explains why a sizable number of people hold USDT for savings. The US dollar remains a safe asset in the face of declining local currencies.

However, it could face more competition, especially in the regulated and developed markets. Several major banks in the US are considering issuing their own stablecoins following the passage of the GENIUS Act. Existing competitors are also positioning themselves as more compliant with regulatory requirements.