Tether will release a documentary about USDT and its impact on the fight against inflation in honor of its tenth anniversary.
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The documentary “Stability and Freedom in Chaos” tells the story of how USDT has become “a lifeline” for those who fight inflation and promote “financial freedom worldwide”.
Commenting on the documentary’s release, Tether CEO Paolo Ardoino claimed that the company’s mission is to provide access to finance to billions of people in developing countries who cannot have bank accounts.
“Tether has built its company on a simple mission: bring financial inclusion to the billions of people, primarily living in developing countries, that can’t have bank accounts (because they’re not generating enough revenues for the traditional banking industry) or live in high inflation countries.”
According to him, Tether has become “a symbol of disintermediation, sustainability, and stability” that helps empower “individuals, communities, cities, and entire countries”.
10 years towards financial freedom
In 2014, Brock Pierce, Reeve Collins, and Craig Sellars founded the Realcoin project, later known as Tether. The main idea was to create a digital currency pegged to fiat money to provide stable value and simplify cryptocurrency trading.
In October 2014, USDT was introduced as a stablecoin pegged to the U.S. dollar. Since that time, Tether was actively working to expand its ecosystem. Later, USDT was launched on the Ethereum, TRON, and TON blockchains, allowing the tokens to be used on various decentralized platforms.
In addition, USDT has been widely integrated into various dapps and smart contracts, strengthening its role in decentralized finance.
USDT has become a must-have coin for key areas in crypto and blockchain
Tether quickly became a popular currency for traders, as it allowed them to access stable funds during times of high volatility in the crypto market. It was integrated into many cryptocurrency exchanges, which increased its liquidity.
Tether and its stability have greatly influenced the development of the crypto market, allowing traders and investors to quickly move funds between cryptocurrencies and fiat without great losses due to price fluctuations.
Throughout its history, Tether has remained the main stablecoin actively used throughout the crypto space. In the ten years since its launch, USDT has grown to a market capitalization of almost $120 billion, making it one of the largest cryptocurrencies ever.
A lifeline for developing countries
Commenting on the documentary release, Ardoino said that USDT has become “a symbol of disintermediation, resilience, and stability.” The film explores the adoption of USDT in three countries: Argentina, Turkey, and Brazil.
Why these countries? There are several reasons for this, but all of them share one key factor: economic instability.
These countries experience high inflation and instability of their national currencies. Additionally, developing countries often need more access to traditional banking services. Cryptocurrencies like Tether allow people to conduct financial transactions without banks, which is especially important in countries with low banking literacy.
For example, Argentina faces economic problems such as high inflation, devaluation of the national currency, peso, and restrictions on foreign exchange transactions. People are looking for ways to protect their savings, and cryptocurrencies can be an alternative. The country’s new president, Javier Milei, has also supported the use of BTC along with other units of payment as part of a strategy to develop free competition in the local currency market.
A similar situation is happening in Turkey, where people face economic instability, including high inflation and depreciation of lira. Cryptocurrencies are also seen as a way to protect savings from inflation.
In addition to economic problems, a significant number of people in Brazil do not have access to banking services. USDT allows these people to participate in the financial system and make transactions without opening a bank account.
Thus, in its ten years, USDT has become an essential asset in trading and a popular alternative to the dollar, giving people in developing countries access to the crypto market, allowing them to invest, trade, and make payments.
Despite its success, there are still many unclear moments in the history of Tether
However, there are still dark moments in Tether’s history. In the past, Tether has faced criticism for possible market manipulation and for possibly supporting the prices of Bitcoin (BTC) and other cryptocurrencies.
In addition, although Tether claims that each USDT is backed by one U.S. dollar, many critics point to the lack of regular and independent audits that could confirm this claim. This raises questions about how secure and liquid the reserve is and whether these assets can provide full coverage for USDT.
Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
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