Tether's documentary showcases its stablecoin's role in mitigating inflation in countries with severe economic instability.
USDT adoption has surged in Brazil, making up 80% of all crypto transactions, demonstrating its growing use as a financial tool.
Tether CEO Paolo Ardoino emphasizes the company's focus on empowering financially excluded communities in developing nations.
Tether, the issuer behind the world’s largest stablecoin, USDT, marked its 10th anniversary by announcing a documentary that explores the coin’s impact on inflation. The documentary, set to release soon, aims to highlight how people in inflation-hit countries are using USDT as an alternative financial tool.
https://twitter.com/Tether_to/status/1842878554972803424
The trailer reveals interviews with users from Turkey, Brazil, and Argentina, where the populations have faced high inflation rates. According to these individuals, USDT has become an essential part of daily transactions, offering them stability compared to their national currencies.
USDT Use in Brazil Soars
One interview featured in the documentary highlights the rapid adoption of USDT in Brazil. A user stated that “90% of Brazil’s daily transactions involve USDT,” showcasing its importance. In 2023, Brazil saw an 80% increase in USDT usage, a trend mirrored in several other countries facing economic challenges.
The stablecoin, which aims to maintain a 1:1 value with fiat currencies like the US dollar, has increasingly become a reliable financial option in countries where inflation rates are spiraling out of control.
A Decade of Financial Innovation
Tether first launched its stablecoin on October 6, 2014, co-founded by entrepreneur Brock Pierce, Reeve Collins, and software engineer Craig Sellars. The company initially operated under the name Realcoin before rebranding to Tether. The project’s core objective was to create a token that represents fiat currency on a 1:1 basis, with users benefiting from blockchain technology to transfer assets globally.
Starting on the OmniLayer platform based on the Bitcoin protocol, Tether has since expanded to other blockchains like Ethereum and Tron. Today, USDT boasts a market capitalization of $120 billion, making it the third-largest cryptocurrency globally, behind Bitcoin and Ether.
Financial Inclusion for the Unbanked
Tether's CEO, Paolo Ardoino, emphasized the company’s commitment to financial inclusion. In a recent post, Ardoino noted that while wealthier individuals have access to various financial tools, Tether’s mission is to create solutions for people who have been “left behind” by traditional banking systems. He stressed that the company focuses on developing technologies that help unbanked communities gain access to financial services.
