Key Points
Tether's internal analysis shows that the largest single sender on the network accounts for less than 5% of the total sending volume. In contrast, one entity occupies nearly 25% of all transactions among competing stablecoins. Tether's CEO pointed out that over 550 million users in emerging markets rely on USDT precisely because it is not controlled by a few large players. He described USDT as the "digital dollar," a choice for billions left behind by the traditional financial system.
This narrative has been cultivated by Tether over the years, and whether the market accepts it depends on the actual situation.
The Uniqueness of USDT
In USDT, the largest sender accounts for less than 5% of the total sending volume, while in other stablecoins, nearly 25% is sent by a single entity.
Latin America: The Most Obvious Example of Tether's Argument
Latin America has become the most compelling real-world demonstration of stablecoin utility, with USDT at its center. The region recorded 63% of cryptocurrency growth in 2025, becoming the second-fastest growing market globally.
Brazil leads in trading volume, with annual crypto transactions exceeding $318 billion, 90% of which are related to stablecoins. Integration with local digital banks and payment platforms like Mercado Pago has made USDT a part of daily financial life for millions of Brazilians.
Argentina and Venezuela tell a different but equally profound story. In Argentina, about 12% of the population actively uses cryptocurrency, achieving the highest per capita penetration in the region. The driving force behind this is not speculation but survival. USDT provides a way to maintain value amid local currency devaluation. Venezuela's situation is even more severe, with USDT embedded in everyday commerce—such as food, services, and daily transactions—serving as an alternative to cope with triple-digit inflation.
Remittances further strengthen this landscape. Approximately $142 billion flows into Latin America annually through remittance channels, with an increasing number of remittances opting for USDT settlements to avoid the fees charged by traditional money transfer operators over the years.
Southeast Asia and Africa: Mass Retail
This model is also reflected in Southeast Asia and Sub-Saharan Africa, although local differences exist.
In the Philippines and Vietnam, USDT has become the default channel for cross-border transfers and remittance settlements. By 2025, the adoption rate in the Philippines reached 22.5%. The TRON network processes over 60% of USDT supply, becoming the preferred infrastructure for Asian users due to its extremely low transaction fees. This cost structure is well-suited for retail users who frequently send small amounts of money.
Sub-Saharan Africa grew by 52% in 2025, with Nigeria as the major market. Local businesses increasingly use USDT to settle transactions with partners in China and the Middle East, bypassing unreliable traditional forex channels caused by local dollar shortages.
What Independent Data Shows
