The market cap of a widely-used stablecoin, the USDt, has grown to an impressive $107.3 billion, confirming the unparalleled significance of this instrument on the digital currency scene. Currently, in multiple emerging online markets in which it operates, USDt has become the most popular digital dollar. It is also a savior for millions of people suffering from a collapse in the value of their national currencies.
Saturday's thought.$USDt reached 107.3B market cap.
Today USDt is the most used digital dollar in many emerging markets.
Hundreds of millions of people that live in countries subject to the fast devaluation of the local currency use it as their checking account and savings…— Paolo Ardoino
(@paoloardoino) April 13, 2024
Tether CEO Highlights USDt’s Role as Global Financial Base
As Paolo Ardoino, the head of USDt Tether’s parent company, expresses that the coin is used by the base of hundreds of millions of people all over the world. In Argentina, for instance, the stablecoin is mainly used as a savings account and as a checking account. Of course, it is crucial to state that most of these people do not have access to traditional banking due to their financial condition.
This example demonstrates the potential of stablecoins. The most obvious use case is increasing financial inclusivity. On top of that, stablecoins serve as a source of financial security for poor people because they are easy to access.
Tether CEO Ardoino Stresses Real-World Impact of Stablecoins
According to Ardoino, access to such tools is beneficial for thousands of ordinary people and enables them to function in society beyond simple consumption. In other words, while many stablecoin owners may use the tokens to engage in complex strategies or arbitrage. For millions of people, access to stablecoins lies in their opportunity to lead a normal life in developing nations plagued by economic instability.
In the end, the high market cap of Tether ($USDT) enforces its real-world effects and changes the lives of millions of people globally. Stablecoins are becoming more and more popular and, as this type of digital economy keeps improving, they become more substantial in the development of global access to finance.
