To celebrate its 10th anniversary, stablecoin issuer Tether has announced that it will release a documentary about USDT and its impact on combating inflation.
In the trailer, the tether presented Interviews with users who are benefiting from stablecoins to fight inflation. The trailer showed interviews in Turkey, Brazil and Argentina, where people are exposed to high inflation rates.
The teaser attempts to portray the Tether (USDT) stablecoin as a tool that people use similar to the US dollar. One interviewee claimed that in Brazil, “90% of intraday transactions in Brazil are tethered with USDT.”
In 2023, USDT adoption in Brazil skyrocketed, accounting for 80% of all cryptocurrency transactions in the country.
Tether celebrates its 10th anniversary
Tether's first token was launched on October 6, 2014. Entrepreneur Brock Pearce originally founded the project with Reeve Collins and software engineer Craig Sellers. The Realcoin startup laid the foundation for Tether's operations before it was rebranded into its current brand.
The simple premise of this token is to provide a token that represents fiat currency in a 1:1 ratio, including the ability to transfer assets around the world using blockchain technology.
Initially, USDT was built and operated using the OmniLayer platform built on the Bitcoin protocol. Stablecoins have since forked into many other blockchains, including Ethereum, Tron, and Open Networks.
With a market capitalization of $120 billion, USDT remains the largest stablecoin by market capitalization. This valuation makes the asset the third largest cryptocurrency overall, behind Bitcoin (BTC) and Ether (ETH).
Related: Brazil will lead Latin American crypto trading, with trading volume expected to reach $6 billion in 2024
Financial inclusion for the “left behind”
Tether CEO Paolo Ardoino in a post by X said The company has become “a symbol of disintermediation, resilience and stability.” The executive said the company believes in empowering people, communities and the country as a whole. He wrote:
“Our focus has been, and will continue to be, on the last mile. The wealthy already have dozens of ways to trade and store their wealth. We are developing financial technology for those left behind. ”
Ardoino also said Tether will bring financial inclusion to people in developing countries who don't have bank accounts because traditional banking doesn't provide enough revenue.
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