- Tether is building a financial tool for the “people left behind”
- The stablecoin was created in 2014 by Brock Pierce, Reeve Collins, and Craig Sellers
- It remains the largest stablecoin with a market cap worth $120 billion
To celebrate the 10th anniversary of Tether, the stablecoin is releasing a documentary on USDT and how it’s working to bring “financial freedom worldwide.”
In a post on X, Tether said it would soon release its documentary “Stability and Freedom in Chaos.” During the two-minute video, Tether shows interviewees from several countries including Argentina, Brazil, and Turkey.
One interviewee in Brazil stated, “Tether with USDT is like 90% of the transactions that Brazil makes during the day.” Another interviewee claimed that people in Argentina don’t want to save in pesos, the local currency, and want a stable currency like Tether.
Tether, named the seventh-largest Bitcoin holder in April, was created in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. Before being renamed to Tether, it was known as The Realcoin, and today is the largest stablecoin by market cap.
At the time of writing, it’s currently worth $120 billion.
Working for the people left behind
Built on several blockchains including Avalanche, Ethereum, and Polygon, Tether works on a 1:1 ratio, pegging its value to the US dollar.
Following the Tether documentary news, Paolo Ardoino, Tether CEO, said on X that the company’s mission has always been simple: to “bring financial inclusion to the billions of people, primarily living in developing countries, that can’t have bank accounts or that live in high inflation countries.
Ardoino, who joined as Tether’s new CEO in 2023, added that they are building financial technology “for the people left behind” and that Tether has become a “symbol of disintermediation, resilience and stability.”
With hundreds of millions of people transacting with USDT, Tether has seen its market share increase to more than 75% from 55% over the past two years, solidifying its presence in the market.