Tether user base hits 400m, up 14% since October 2024

With Tether now used by — conservatively — over 400 million people, Paolo Ardoino calls it part of a stablecoin multiverse that is only getting started.

Tether’s (USDT) user base has exceeded 400 million, growing by 50 million since October 2024, CEO Paolo Ardoino announced in a March 27 post on X, predicting it could reach 1 billion soon.

Tether, the largest stablecoin issuer with USDT’s market capitalization exceeding $144.1 billion, continues expanding across emerging markets and multiple blockchains, what Ardoino described as part of a broader trend, calling it “the stablecoin multiverse” and noting that “hundreds of companies and governments are launching (or will soon) their stablecoins.”

The Tether CEO attributed the company’s growth to its focus on grassroots adoption, suggesting the company has taken a different approach from traditional financial institutions.

“We always focused on the adoption from the ground up, working in the streets, among other people, while traditional finance was watching at us from their ivory towers.”

Paolo Ardoino

Ardoino didn’t provide details on how Tether calculated its user estimates or how soon the company expects to reach the 1 billion mark. However, the stablecoin issuer has seen its expansion growing rapidly, particularly across networks like TRON, Ethereum, and other chains.

In October 2024, Tether reported 350 million users, suggesting that the latest figure represents an approximate 14% increase in less than six months. Still, competition in the stablecoin market is heating up, with Tether’s main rival Circle continuing to strengthen its presence in Asia.

Meanwhile, Tether is focusing on diversifying its investment portfolio. As crypto.news reported earlier, the stablecoin issuer is preparing to acquire a 30% stake in Be Water, a broadcast media company based in Rome, Italy.