Thomas Daniels
Since October 2024, Tether’s user base has grown by 14%, surpassing 400 million worldwide. On March 27, CEO Paolo Ardoino made the announcement, emphasizing the noteworthy expansion of the “stablecoin multiverse.” In less than six months, Tether attracted almost 50 million users, which is a significant increase for the world’s biggest stablecoin issuer.
With a market valuation of around $144.1 billion, USDT is still growing rapidly in emerging regions and across other blockchain ecosystems, such as Ethereum and TRON. In contrast to the top-down strategy of traditional financial institutions, Ardoino attributed the company’s growing user base to its grassroots adoption strategy.
While traditional finance watched us from their ivory towers, Ardoino said, “we always focused on the adoption from the ground up, working in the streets, among other people.”
The CEO underlined that Tether’s expansion is a part of a larger trend, even if the business did not reveal how the user estimates were determined or when it anticipates reaching the 1 billion-user milestone. “Hundreds of companies and governments” are establishing or intending to launch their own stablecoins in the future, he said.
Tether is seeing more competition as it solidifies its position in the market, especially from rival Circle, which is becoming more popular in Asia. Tether is diversifying its holdings at the same time, and it has ambitions to buy a 30% share in the media firm Be Water, which is based in Rome.
