To celebrate its 10th anniversary, Tether will release a documentary about USDT and its impact on fighting inflation.
The documentary “Stability and Freedom in Chaos” depicts how USDT became a “lifeline” for those fighting inflation and promoting “economic freedom around the world.”
🎬Today marks the 10th anniversary of USD₮!
To commemorate this occasion, we will soon be releasing a documentary titled “Stability and Freedom in Chaos”.
how to travel $USDT is a lifeline for millions of people, fighting inflation and promoting economic freedom around the world. 🌎🤝 pic.twitter.com/oviKmIgpgx
— Tether (@Tether_to) October 6, 2024
Commenting on the documentary’s release, Tether CEO Paolo Ardoino said the company’s mission is to provide financial access to the billions of unbanked people in the developing world. insisted.
“Tether is based on a simple mission to bring financial inclusion to billions of people who are unbanked (because the traditional banking industry doesn’t generate enough revenue) and primarily live in developing countries. in high-inflation countries.
He said Tether has become a “symbol of disintermediation, sustainability, and stability” that empowers “individuals, communities, cities, and entire countries.”
10 years towards financial freedom
In 2014, Brock Pierce, Reeve Collins, and Craig Sellers founded the RealCoin project, later known as Tether. The main idea was to create a digital currency pegged to fiat currency to provide stable value and simplify cryptocurrency transactions.
In October 2014, USDT was introduced as a stablecoin pegged to the US dollar. Since then, Tether has been actively working on expanding its ecosystem. Later, USDT was launched on Ethereum, TRON, and TON blockchains, allowing the token to be used on various decentralized platforms.
Additionally, USDT is widely integrated into various dapps and smart contracts, strengthening its role in decentralized finance.
USDT has become a must-have coin for major areas of cryptocurrency and blockchain
Tether has quickly become a popular currency for traders as it provides access to stable funds during times of high volatility in the crypto market. It has been integrated into many cryptocurrency exchanges, increasing liquidity.
Tether and its stability have had a major impact on the development of the crypto market, allowing traders and investors to quickly move funds between crypto and fiat currencies without incurring large losses due to price fluctuations. It has become.
Throughout its history, Tether has remained the primary stablecoin actively used across the cryptocurrency space. In the 10 years since its founding, USDT has grown to a market capitalization of approximately $120 billion, making it one of the largest cryptocurrencies in history.
Tether Market Cap |Source: CoinMarketCap
Lifeline for developing countries
Commenting on the documentary’s release, Ardoino said USDT has become a “symbol of disintermediation, resilience, and stability.” The film examines the implementation of USDT in three countries: Argentina, TĂĽrkiye, and Brazil.
Why these countries? There are several reasons for this, but they all share one key factor: economic instability.
These countries experience high inflation and instability in their currencies. Additionally, developing countries often require greater access to traditional banking services. Cryptocurrencies like Tether allow people to conduct financial transactions without a bank. This is especially important in countries with low banking literacy.
For example, Argentina faces economic problems such as high inflation, the devaluation of its currency, the peso, and restrictions on foreign exchange transactions. People are looking for ways to protect their savings, and cryptocurrencies could be an alternative. The country’s new president, Javier Millay, also supports the use of BTC, along with other payment units, as part of a strategy to develop free competition in the local currency market.
A similar situation is occurring in Turkey, where its citizens face economic instability including high inflation and a weak 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 lack access to banking services. USDT allows these people to participate in the financial system and conduct transactions without opening a bank account.
Thus, in 10 years, USDT has become an essential asset in trading, becoming a popular alternative to the dollar, and providing people in developing countries with access to crypto markets, allowing them to invest, trade, and make payments. did.
Despite success, there are still many uncertainties in Tether’s history
But there are still dark moments in Tether’s history. Tether has faced criticism in the past for its potential for market manipulation and for potentially supporting the price of Bitcoin (BTC) and other cryptocurrencies.
Furthermore, while Tether claims that each USDT is backed by 1 US dollar, many critics point out the lack of regular, independent audits to support this claim. This raises the question of how safe and liquid the reserves are and whether these assets can fully cover USDT.
