USDT plays a major role in daily transactions in Brazil.
Key Takeaways
- USDT dominates Brazil's crypto market with 90% of daily transactions.
- Tether's USDT ranks as the top stablecoin with a $120 billion market cap.
Ten years of bulls and bears, Tether has grown as one of the key players in the crypto industry. The issuer of the world’s largest stablecoin today commemorates its 10th anniversary with the release of ‘Stability and Freedom in Chaos,’ a documentary about USDT and its role in combating inflation.
🎬Today marks 10 years of USD₮ !
To celebrate, we’re launching our documentary ‘Stability and Freedom in Chaos’ soon.
Dive into the journey of how $USDT has become a lifeline for millions, fighting inflation and fueling financial freedom worldwide. 🌎🤝 pic.twitter.com/oviKmIgpgx— Tether (@Tether_to) October 6, 2024
The documentary’s trailer features interviews with users from inflation-stricken countries like Turkey, Brazil, and Argentina, where stablecoin adoption has surged in recent years. USDT, with a market capitalization of $120 billion, is the largest stablecoin and the third-largest crypto asset, after Bitcoin and Ethereum.
An April report from Kaiko reveals that Turkey’s inflationary pressures have been the driving force behind the increasing use of stablecoins over the past year. With over $22 billion traded on Binance in 2024, USDT-TRY was the most popular trading pair.
In Brazil, USDT accounted for 80% of the total crypto transaction volume in 2023, amounting to approximately $54 billion. Brazilians use USDT in daily transactions due to its stability, Chainalysis reported.
Argentina has seen even greater demand for USDT, primarily due to ongoing currency devaluation and high inflation rates. Many Argentinians convert their salaries directly into USDT or similar stablecoins as a hedge against inflation.
Tether enters the next decade
Launched on October 6, 2014, by Brock Pierce, Reeve Collins, and Craig Sellars, Tether initially operated on the OmniLayer platform on the Bitcoin protocol. It has since expanded to multiple blockchains including Ethereum and Tron.
Tether now enters the next decade with its core mission to continue to empower individuals, communities, and nations through technology and financial tools.
“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,” said Tether CEO Paolo Ardoino.
“From financial tools (stablecoins) to tele-communications, from Artificial Intelligence to unstoppable education and energy, we believe in the importance of empowering people, communities, cities and entire countries,” Ardoino stated.
