Stablecoin company Tether has celebrated a decade of USDT. To mark that anniversary, Tether issued a documentary. It demonstrates how USDT has been helping citizens in countries like Argentina and Brazil cope with inflation.Â
On October 6, Paolo Ardoino, CEO of Tether, took to Twitter to reflect on his company’s journey. “Access to financial tools for millions of people, especially in countries where traditional banking systems were either underdeveloped or inaccessible, remains one of the major priorities connected with the Tether’s mission,” he said.Â
While pegged to the US dollar, USDT has become indispensable for users worldwide. According to Ardoino, Tether has seen “tens of millions” of new wallets; acquired in each quarter-with hundreds of millions now in users. Â
The last decade saw USDT surge to be the third-biggest cryptocurrency by market capitalization. It was dwarfed only by Bitcoin and Ethereum, with a market capitalization of about $120 million, based on data from DeFiLlama.Â
The USDT has also had its fair share of regulatory challenges, especially in Europe. Some exchanges have considered dumping USDT, citing concerns over the non-compliance of the Markets in Crypto-Assets regulations. Â
In the meantime, Tether is reportedly working on a new solution cut out for European regulations. A signal that the company is willing to adjust to the changing rules across the world.Â
Off the back of its stablecoin operations, Tether is scaling into newer areas: telecommunications, artificial intelligence, education, and energy. This year alone, the company announced plans for four new sectors, Data, Finance, Power, and Education, part of its strategy to drive innovation at financial systems.Â
