Tether Teases USDT Documentary on 10th Anniversary

On its 10th anniversary, stablecoin issuer Tether announced plans to release a documentary highlighting the impact of USDT on combating inflation. The upcoming film aims to showcase the benefits of Tether’s stablecoin, particularly in countries grappling with high inflation rates.

Documentary Trailer and Insights

In the trailer for the documentary, Tether features interviews with users who have leveraged USDT to fight against inflation. The footage includes perspectives from individuals in Turkey, Brazil, and Argentina, regions notably affected by soaring inflation.

The teaser portrays Tether’s USDT stablecoin as a viable alternative to the US dollar. One interviewee from Brazil remarked:

“Tether with USDT is like 90% of the transactions that Brazil makes during the day.”

This statement underscores the significant role USDT plays in everyday transactions in Brazil, especially in the context of economic instability. In fact, in 2023, the adoption of USDT in Brazil skyrocketed, accounting for 80% of all crypto transactions in the country.

Tether’s first tokens were launched on October 6, 2014. The project was co-founded by entrepreneur Brock Pierce, along with Reeve Collins and software engineer Craig Sellars. Originally known as Realcoin, the startup laid the groundwork for Tether’s operations before rebranding to its current name.

The core premise of Tether is straightforward: it provides a token that maintains a 1:1 value ratio with fiat currencies, enabling users to transfer assets globally via blockchain technology.

Evolution of USDT

Initially, USDT was developed using the OmniLayer platform, built on the Bitcoin protocol. Over time, the stablecoin expanded its presence across multiple blockchains, including Ethereum, Tron, and The Open Network.

With a market capitalization of approximately $120 billion, USDT remains the largest stablecoin by market cap, positioning it as the third-largest cryptocurrency overall, trailing only Bitcoin and Ether.

In an X post, Tether CEO Paolo Ardoino emphasized the company’s role as a “symbol of disintermediation, resilience, and stability.” Ardoino expressed Tether’s commitment to empowering individuals, communities, and entire nations. He stated:

“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 further highlighted Tether’s mission to provide financial inclusion for people in developing countries, particularly those without access to traditional banking services due to insufficient income.

The Importance of Financial Inclusion

The documentary aligns with Tether’s ongoing efforts to address the financial needs of underserved populations. By offering a stable and accessible digital asset, Tether aims to bridge the gap for individuals who lack access to banking infrastructure, thereby promoting economic empowerment.

Tether’s upcoming documentary promises to shed light on the transformative potential of USDT, particularly in regions facing economic challenges. As Tether celebrates its 10th anniversary, the company continues to advocate for financial inclusion and support for individuals who may otherwise be left behind in the evolving financial landscape.

The documentary not only marks a significant milestone for Tether but also serves as a reminder of the growing influence of cryptocurrencies in providing solutions to global economic issues.

Featured image credit: DALL-E by ChatGPT

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