Stablecoin issuer Tether announced on its 10th anniversary that it will release a documentary on USDT and its impact on fighting inflation.
In its trailer, Tether presented interviews with users who have benefited from the stablecoin as they attempt to combat inflation. The trailer showed interviews in Turkey, Brazil and Argentina, where people are subjected to high inflation rates.
The teaser tries to portray the Tether (USDT) stablecoin as a tool people use similarly to the US dollar. One interviewee claimed that in Brazil, “Tether with USDT is like 90% of the transactions that Brazil makes during the day.”
In 2023, Brazil’s USDT adoption soared, making up 80% of all crypto transactions in the country.
Tether celebrates its 10th anniversary
Tether’s first tokens were launched on Oct. 6, 2014. Entrepreneur Brock Pierce initially founded the project with Reeve Collins and software engineer Craig Sellars. The Realcoin startup laid the foundation for Tether’s operations before it rebranded into what it is today.
The token’s simple premise is that it provides a token that represents fiat currencies at a 1:1 ratio, including the ability to transfer assets across the globe using blockchain technology.
Initially, USDT was built and operated using an OmniLayer platform built on the Bitcoin protocol. The stablecoin then branched out into many other blockchains, including Ethereum, Tron and The Open Network.
With its $120 billion market capitalization, USDT remains the largest stablecoin by market cap. This valuation also makes the asset the third-largest crypto overall, after Bitcoin (BTC) and Ether (ETH).
Related: Brazil leads LATAM crypto trading with $6B volume in 2024
Financial inclusion for people “left behind”
In an X post, Tether CEO Paolo Ardoino said the company has become a “symbol of disintermediation, resilience and stability.” The executive said the firm believes in empowering people, communities and entire countries. He wrote:
“Our focus has always been (and will always be) the last mile. Rich people have already tens of ways to transact and store wealth. We build financial tech for the people left behind.”
Ardoino also said that Tether brings financial inclusion to people in developing countries that don’t have bank accounts because they don’t generate enough revenue for traditional banking.
Magazine: Asia Express: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT
