According to Cointelegraph, stablecoin issuer Tether has announced the release of a documentary on its 10th anniversary, highlighting the impact of USDT in fighting inflation. The documentary trailer features interviews with users from countries like Turkey, Brazil, and Argentina, where high inflation rates are prevalent. The film aims to showcase USDT as a tool similar to the US dollar, with one interviewee noting that in Brazil, “Tether with USDT is like 90% of the transactions that Brazil makes during the day.” In 2023, USDT adoption in Brazil surged, accounting for 80% of all crypto transactions in the country.
Tether’s journey began on October 6, 2014, when its first tokens were launched by entrepreneur Brock Pierce, Reeve Collins, and software engineer Craig Sellars. Initially branded as Realcoin, the project rebranded to Tether, offering tokens that represent fiat currencies at a 1:1 ratio, facilitating global asset transfers via blockchain technology. Originally built on the OmniLayer platform on the Bitcoin protocol, USDT has since expanded to multiple blockchains, including Ethereum, Tron, and The Open Network. With a market capitalization of $120 billion, USDT remains the largest stablecoin by market cap and the third-largest cryptocurrency overall, following Bitcoin (BTC) and Ether (ETH).
Tether CEO Paolo Ardoino emphasized the company's commitment to financial inclusion, particularly for those “left behind” by traditional banking systems. In a post on X, Ardoino described Tether as a “symbol of disintermediation, resilience, and stability,” focusing on empowering people, communities, and entire countries. He highlighted that Tether aims to provide financial technology for individuals in developing countries who lack access to bank accounts due to insufficient revenue generation for traditional banks.
