Tether, the world's largest dollar-backed stablecoin issuer, announced that USDT has over 500 million users and 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. This is without a doubt the biggest achievement in financial inclusion history.” “Programmable money is ultimately a social network, a structure that moves both information and value peer-to-peer,” Ardoino added.
The total supply of USDT is approximately $182 billion. Its closest competitor, Circle, has about $75 billion worth of USDT in circulation.
Last month, Bloomberg reported that El Salvador-based Tether is seeking to raise up to $20 billion from investors, valuing the company at about $500 billion. Cantor Fitzgerald is reportedly advising Tether on the potential transaction.
The new stablecoin USAT is designed specifically for the US market. The country's new regulatory framework has increased interest in the stablecoin space from both crypto companies and traditional financial institutions.
Tether also announced that it will release a short documentary filmed in Kenya to celebrate reaching 500 million users.
*This is not investment advice.
