Tether’s USDT Gains Global Significance Beyond Crypto Markets, Says CEO

According to Tether CEO Paolo Ardoino, USDT, the largest stablecoin by market capitalization, has a significant influence beyond the cryptocurrency sector, particularly in nations dealing with inflation and underdeveloped financial systems.

In a discussion with Bullish CEO Tom Farley, Ardoino stated that USDT has established itself as the most commonly used digital dollar globally, with growing importance outside the United States.

While stablecoins like USDT aim to stabilize the volatile crypto market by being linked to real-world assets like the US dollar, Ardoino noted that in countries such as Argentina and Turkey, where inflation is a major concern, USDT serves as a stable alternative to unreliable national currencies.

He explained that before USDT, individuals often resorted to black market transactions to obtain US dollars, emphasizing its utility in these economies.

Currently, USDT ranks as the third-largest cryptocurrency overall, following Bitcoin (BTC) and Ethereum (ETH), with a market capitalization of about $120 billion.

It far exceeds its closest rival, Circle’s USDC, which has a market cap of $35.6 billion. Notably, a significant portion of USDT is issued on the Tron blockchain, totaling $61 billion, while Ethereum accounts for $54.3 billion of its supply.