Stablecoin issuer Tether is celebrating its 10th anniversary with the success of its flagship product USDT.
As part of its anniversary celebrations, Tether released a documentary highlighting how USDT has helped users in countries such as Argentina and Brazil weather currency inflation.
Tether celebrates 10 years of bringing ‘financial inclusion’ to billions
In a statement on October 6, Tether CEO Paolo Ardoino reflected on the company’s progress since its inception. He emphasized Tether’s mission to provide financial access to millions of people, especially in areas where traditional banking services are lacking.
Tether’s flagship product, USDT, is a stablecoin pegged to the US dollar that has become essential to users around the world. Ardoino revealed that Tether adds “tens of millions” of new wallets every quarter, and its user base now reaches hundreds of millions.
“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 said.
Read more: A guide to the best stablecoins of 2024
Over the past decade, USDT has grown to become the third largest cryptocurrency by market capitalization, behind Bitcoin and Ethereum. The asset has a market capitalization of approximately $120 million and controls approximately 69% of the stablecoin market, according to DeFillama data.
Tether USDT market capitalization. Source: Defilama
Despite its accomplishments, USDT faces regulatory hurdles and reserve concerns. Over the past few months, several European exchanges have threatened to delist stablecoins due to violations of the region’s Market for Cryptocurrency (MiCA) regulations.
However, Tether is reportedly working on new technology solutions tailored for the European market. This demonstrates our commitment to adapting to evolving regulatory requirements around the world.
Read more: 9 Best Crypto Wallets to Store Tether (USDT)
Meanwhile, Tether is diversifying beyond its stablecoin business. The company has expanded into fields such as communications, artificial intelligence, education, and energy.
Earlier this year, the company launched four new divisions to drive its vision of a future-ready financial system: data, treasury, power and education. These moves were accompanied by significant investments in these industries.
“Tether has become a symbol of disintermediation, resilience and stability. From financial tools (stablecoins) to telecommunications (KEET), from artificial intelligence to unstoppable education and energy, we “We believe in empowering people, communities, cities and the country as a whole,” Ardoino said.
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