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Stablecoin issuer Tether is celebrating its 10th anniversary along with the success of its flagship product, USDT. As part of the anniversary celebration, Tether released a documentary highlighting how USDT has helped users in countries like Argentina and Brazil navigate currency inflation. Tether Celebrates 10 Years of Bringing ‘Financial Inclusion’ to Billions In an October 6 statement, Tether CEO Paolo Ardoino reflected on the company’s progress since its inception. He highlighted Tether’s mission to provide financial access to millions, especially in regions lacking traditional banking services. Tether’s primary product, USDT, a stablecoin pegged to the US dollar, has grown indispensable to global users. Ardoino revealed that Tether has added “tens of millions” of new wallets each quarter, with a user base now reaching hundreds of millions. “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. Read more: A Guide to the Best Stablecoins in 2024 Over the past decade, USDT has grown to become the third-largest cryptocurrency by market cap, trailing only Bitcoin and Ethereum. DeFillama data shows that the asset has a market capitalization of nearly $120 million, controlling around 69% of the stablecoin market. Tether USDT Market Cap. Source: DeFillama Despite its achievements, USDT has encountered regulatory hurdles and concerns over its reserves. Over the past months, several European exchanges have hinted at delisting the stablecoin, citing non-compliance with the region’s Markets in Crypto-Assets (MiCA) regulation. However, Tether is reportedly working on a new technological solution tailored for the European market. This signals its efforts to adjust to evolving regulatory demands around the globe. Read more: 9 Best Crypto Wallets to Store Tether (USDT) Meanwhile, Tether is also diversifying beyond its stablecoin operations. The…

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Filed under: News - @ October 6, 2024 10:40 pm