In a significant shift from its traditional role in cryptocurrency trading, Tether, a leading stablecoin, is increasingly being accepted as an alternative to the US dollar in emerging markets , according to the company's CEO Paolo Ardoino. Speaking at the Token2049 cryptocurrency conference in Dubai, Ardoino highlighted the growth of Tether, also known as USDT, which is pegged to maintain a value of $1. Stablecoins have seen rapid expansion, with over $100 billion in circulation as of March.
Ardoino pointed out that USDT usage has grown beyond cryptocurrency trading to become what he described as "the most used digital dollar in the world." He noted that nearly all of Tether's user base is located in emerging markets, including Turkey, Vietnam, Brazil, Argentina, and various African countries, where access to US dollars may be limited. In particular, Ardoino mentioned a significant increase in usage in Argentina last year.
