According to Odaily, Tether CEO Paolo Ardoino has stated that the dollar-backed stablecoin has been instrumental in meeting the global demand for US debt. He further noted that over 300 million people worldwide are using USDT as a digital dollar, providing a lifeline for communities in developing countries.
These individuals, largely underserved by the banking sector, often lack bank accounts and are affected by high inflation and rapid depreciation of their local currencies. Tether, through USDT, has brought the stability of the dollar to emerging markets.
In addition to this, Tether is also one of the top three global buyers of short-term US Treasury bills (T-bills), ranking among the top 20 overall. This highlights the significant role that Tether and other stablecoins play in the global financial ecosystem, particularly in providing access to financial services for those traditionally underserved by the banking sector.