A Decade of Stability: Tether Turns 10!

Celebrating 10 years, Tether’s USDT has become a lifeline in inflation-hit countries and aims to push beyond financial solutions.

Tether, the issuer of the world's leading stablecoin USDT, is marking a significant milestone—its 10th anniversary. To commemorate the occasion, the company has released a documentary titled “Stability and Freedom in Chaos,” which highlights USDT’s role in providing stability amid global economic turbulence.

Since its launch on October 6, 2014, USDT has grown to be a critical player in the crypto market. With a staggering market capitalization of $120 billion, it stands as the third-largest cryptocurrency, behind only Bitcoin and Ethereum. Initially built on the OmniLayer protocol of Bitcoin, USDT has since expanded to multiple blockchains, including Ethereum and Tron, further solidifying its influence.

The documentary delves into USDT’s impact in countries facing severe economic challenges. In Brazil, for example, USDT dominates the cryptocurrency scene, accounting for an impressive 90% of daily crypto transactions. This extensive adoption showcases the stablecoin’s pivotal role in the Brazilian market, where citizens increasingly turn to digital assets for stability.

Across Latin America and beyond, USDT has become a vital tool for those seeking shelter from inflation. The documentary’s trailer features personal stories from users in countries like Turkey, Argentina, and Brazil, where economic instability has driven the need for more reliable alternatives to local currencies.

Turkey stands as a prime example of this trend. Faced with relentless inflation, many Turkish citizens have embraced USDT as a means of preserving their wealth. A report from crypto data firm Kaiko revealed that the USDT-TRY (Turkish Lira) trading pair was the most traded on Binance in 2024, with over $22 billion in trading volume. This indicates a growing reliance on stablecoins as a hedge against local currency devaluation.

Argentina’s story mirrors this shift. In a country where inflation rates remain stubbornly high, many Argentinians have adopted a practice of converting their salaries into USDT immediately upon receipt. This strategy has become common for preserving purchasing power and navigating the uncertainties of the Argentine economy.

Tether’s CEO, Paolo Ardoino, reflected on the broader mission of USDT, emphasizing the company’s focus on creating financial opportunities for those often overlooked by traditional banking systems. “Our focus has always been (and will always be) the last mile. Rich people have already tens of ways to transact and store wealth. We build financial tech for the people left behind,” Ardoino stated, underscoring Tether’s commitment to empowering underserved communities.

Looking ahead, Tether is exploring new horizons beyond its core financial services. Ardoino shared the company’s ambitions to venture into areas like telecommunications, artificial intelligence, education, and energy, aiming to create solutions that can uplift communities, cities, and even entire nations. These initiatives are part of Tether’s vision to build “unstoppable” technologies that can adapt to the evolving needs of global populations.

USDT’s success in countries grappling with economic instability showcases the potential of stablecoins to provide a sense of financial stability in uncertain times. As traditional currencies struggle with inflationary pressures, more individuals are turning to stablecoins like USDT as both a store of value and a practical means of everyday transactions.

Yet, Tether’s journey has not been without challenges. The company has faced scrutiny over the years, particularly regarding the backing of USDT and the management of its reserves. Critics have questioned whether the stablecoin is fully collateralized, prompting calls for greater transparency. In response, Tether has committed to providing regular attestations of its reserves, seeking to reassure the market of its stability and reliability.

As Tether moves into its second decade, the role of USDT in the global financial landscape continues to evolve. The stablecoin’s rise from a niche tool for crypto traders to a vital asset in countries facing economic hardship underscores its potential as a transformative force. With new ambitions and a commitment to empowering users worldwide, Tether’s next chapter could see its influence extend far beyond the realms of cryptocurrency.

photo source / Blockonome