In an X post, Tether CEO Paolo Ardoino stated that the company will persist in its efforts to provide financial inclusion to those who are “left behind.”
On its tenth anniversary, Tether, a stablecoin issuer, announced that it would produce a documentary about USDT and its influence on inflation-fighting.
In its trailer, Tether featured interviews with users who have benefited from the stablecoin in their efforts to combat inflation. The trailer featured interviews conducted in Turkey, Brazil, and Argentina, where individuals are required to endure elevated inflation rates.
The teaser endeavors to depict the Tether stablecoin as an instrument that many individuals employ in a manner similar to the US currency. According to one interviewee, “Tether with USDT is equivalent to 90% of the transactions that Brazil conducts during the day” in Brazil.
Brazil’s USDT adoption experienced a significant increase in 2023, accounting for 80% of all crypto transactions in the country.
October 6, 2014 marked the introduction of Tether’s initial tokens. Brock Pierce, an entrepreneur, together with software engineer Craig Sellars and Reeve Collins, initiated the initiative. The Realcoin venture established the groundwork for Tether’s operations prior to its rebranding with the current name.
The basic concept of the token is that it offers a token that functions as a 1:1 representation of fiat currencies, enabling the transmission of assets across the globe through blockchain technology.
USDT was initially constructed and administered on an OmniLayer platform that was based on the Bitcoin protocol. The stablecoin subsequently expanded into a variety of other blockchains, such as Ethereum, Tron, and The Open Network.
USDT continues to be the most significant stablecoin in terms of market capitalization, with a market capitalization of $120 billion. This valuation also elevates the asset to the third-largest cryptocurrency in the world, following Bitcoin.
Tether CEO Paolo Ardoino stated in an X post that the company has evolved into a “symbol of stability, resilience, and disintermediation.” The company’s executive stated that it is committed to the empowerment of individuals, communities, and entire nations.
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