USDT issuer Tether is commemorating the tenth anniversary of its founding. To honor this day, the firm revealed an upcoming documentary titled “Stability and Freedom in Chaos.” The film seeks to highlight the important part USDT has played in the financial life of people living all over nations now undergoing economic crisis and hyperinflation. It describes real-life stories from users in several countries: Brazil, Argentina, Turkey, who use USDT in their everyday transactions.
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USDT has revolutionized the digital currency landscape since its inception on October 6, 2014. Brock Pierce, Reeve Collins, and Craig Sellars initially introduced Realcoin; however, it promptly changed its name to Tether and became the most significant stablecoin on a global scale.
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At present, the USDT stands as the third largest cryptocurrency, after Ethereum and Bitcoin, with a market capitalization of around $120 billion. The main attraction is its potentiality for a dollar-pegged currency that is supposed to act stably in those places where the local currencies are continually devaluing.
For instance, USDT comprises approximately 90% of daily transactions in Brazil, according to one user. The documentary trailer includes interviews with individuals who discuss how they utilize USDT to manage their financial affairs in the face of increasing inflation rates. The film’s objective is to demonstrate the broader implications of USDT for financial inclusion and empowerment, in addition to its practical applications.
The documentary maintained USDT as a lifeline for people who continue to reside in economically distressed regions. Countries such as Argentina and Turkey, whose inflation can really get out of hand, saw so many people use USDT for the purpose of safeguarding their money. Paolo Ardoino, CEO at Tether, made a point that the organization has all along sought to offer financial instruments to those shunned by the conventional banking systems.
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He observed that USDT is being utilized as a “digital dollar” by hundreds of millions of individuals worldwide, with tens of millions of new wallets being created on a quarterly basis.
Ardoino’s vision is unambiguous: Tether’s objective is to empower communities and individuals ignored by traditional financial institutions. As he mentioned, “Our primary objective has consistently been the final mile.”
As Tether commemorates this achievement, it also contemplates its involvement in law enforcement initiatives to combat cryptocurrency-related criminal activities. Tether recently aided the US Department of Justice in the seizure of more than $6 million that was associated with fraudulent enterprises. The company has partnered with over 180 enforcement agencies worldwide to freeze USDT totaling more than $1.8 billion attributable to illicit activities.
Featured image from Protos, chart from TradingView
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