As Tether celebrates a decade of its stablecoin, USDT, the company has announced the launch of a documentary titled Stability and Freedom in Chaos.
The film aims to spotlight how USDT has evolved into a crucial financial tool for millions struggling with inflation and economic instability worldwide.
Tether has grown immensely since its founding in 2014 by Bitcoin enthusiasts, initially launching USDT on the Bitcoin blockchain and later expanding to Ethereum, Tron, and The Open Network (TON).
In a teaser released on 6 October 2024 on X, Tether hinted that the documentary would feature personal stories from everyday users, legal experts, and economists, showcasing USDT's role in financial inclusion across regions like Turkey, Brazil, and Argentina.
One interviewee in the teaser from Brazil highlighted how crucial USDT has become in their local economy:
"Tether with USDT is like 90% of the transactions that Brazil makes during the day."
The documentary delves into USDT's impact on economies facing severe inflation, portraying it as an alternative to traditional fiat currencies.
According to the teaser, citizens in countries like Argentina and Turkey have embraced stablecoins to preserve the value of their assets amidst ongoing inflation crises.
In Turkey, for example, inflation pressures have driven up the use of USDT, leading to over $22 billion being traded on Binance in 2024, with USDT-TRY emerging as the most popular trading pair.
Meanwhile, Brazil has witnessed a cryptocurrency boom, with USDT making up about 80% of all crypto transactions in 2023.
An interviewee emphasised how critical USDT has become for daily transactions:
"Brazilians use USDT to save money, remit international transfers, and even pay workers’ salaries."
The film aims to explore how the stablecoin is functioning almost as a stand-in for the US dollar in these regions, providing a level of stability not seen in the local currencies.
Tether’s mission to fight inflation and provide financial inclusion for those in need remains central to its operations, as CEO Paolo Ardoino reiterated in his X post.
He emphasised the company's commitment to helping people in developing countries where traditional banking services are often inaccessible.
“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.
In countries like Argentina, where inflation has surged significantly, many people have turned to USDT to shield themselves from local currency devaluation.
In fact, many Argentinians now convert their salaries into USDT or other stablecoins as soon as they are paid, using these assets as a hedge against the rapidly falling value of the Argentine peso.
Since its launch on 6 October 2014 by entrepreneurs Brock Pierce, Reeve Collins, and Craig Sellars, Tether has grown from a project initially known as Realcoin into the largest stablecoin by market capitalisation.
Originally issued on Bitcoin’s OmniLayer, USDT has since expanded to multiple blockchains, including Ethereum, Tron, and TON.
The stablecoin's simple premise—offering a 1:1 fiat-backed digital asset—resonated with users worldwide, facilitating fast and affordable global transfers.
With a market capitalisation of $120 billion as of 2024, USDT ranks as the third-largest cryptocurrency, trailing only Bitcoin and Ethereum.
The stability and flexibility of the stablecoin have allowed Tether to explore new horizons, with the company now branching into sectors like education, energy, telecommunications, and artificial intelligence.
Ardoino mentioned that Tether aims to empower individuals and entire communities through innovative financial tools, extending its reach far beyond just stablecoins.
As Tether steps into its second decade, it is clear that the company is not resting on its laurels.
Paolo Ardoino emphasised that Tether’s vision goes beyond just stablecoin issuance, as it aims to create financial technology for those traditionally left behind by banks.
The company has diversified into other areas, such as AI, education, energy, and telecommunications, with the goal of improving the lives of millions across the globe.
"From financial tools (stablecoins) to telecommunications, from Artificial Intelligence to unstoppable education and energy, we believe in the importance of empowering people, communities, cities, and entire countries," Ardoino added.
Tether has yet to announce the exact release date for Stability and Freedom in Chaos, but the upcoming documentary will offer a rare glimpse into the stablecoin’s role in combating inflation and promoting financial inclusion over the last decade.
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