It’s official: Tether (USDT) is the leading stablecoin in emerging markets around the world.
Tether has partnered with ATM companies to make USDT available at more than 24,000 ATMs in Brazil as of November 2022.
For its part, Brazil has seen record registrations from Brazilian companies holding USDT, the most popular cryptocurrency in the country.
Tether (USDT) establishes its position as the leading stablecoin: all the details
As anticipated, Tether (USDT) is now the leading stablecoin in emerging markets globally. Indeed, other than Brazil, people turn to Tether in Lebanon when they need to buy groceries.
At the same time, people turn to Tether in Turkey when they need to protect their savings, in Myanmar when they need to fight for democracy, and in Argentina when the country’s economic stability is in question.
After all, like any new idea, digital currencies are fighting an ideological battle to convince the world that they offer something beneficial, something that brings value to people globally.
However, it is a battle on two fronts, as there are still individuals that need convincing on this issue in both rich, industrialized countries and emerging markets.
However, it must be acknowledged, much of the dialogue, debate and press coverage about digital currencies is from the perspective of people in rich, industrialized countries.
By contrast, in emerging markets everything is different, since there is no talk of hyper inflation and there is no possibility for many of them, for example, to be able to use the US dollar.
Tether, for its part, is focusing on emerging markets rather than being “friendly” to Wall Street like other competitors. For example, in Brazil, stablecoins, and USD₮ in particular, make up more than 50% of the volumes of the Brazilian real.
Tether (USDT) is the stablecoin of Egypt and Africa
It can be seen that Brazil has maintained record entries from Brazilian companies holding USDT, the most popular cryptocurrency in Brazil.
Indeed, Tether provides real utility to countries with unstable fiat currencies, unreliable payment binaries, and insecure property rights. This is as true in Egypt as in Venezuela.
Since early 2022, the Egyptian pound has fallen from about £15 per dollar to £30 per dollar. The official rate is thus a 50% drop against the dollar in one year.
Whenever a country’s currency begins to inflate like that of Egypt, it is virtually a guarantee that a black market for dollars will emerge. In December the official exchange rate was 24.6 pounds per dollar but in black markets it was 32 pounds per dollar.
These prices are supported by the fact that people cannot easily access dollars and there is not enough supply available to circulate. USDT is able to bring dollar liquidity to these areas that is accessible to everyone.
There are no gatekeepers, withdrawal limits, officially mandated conversion limits. Anyone with an Internet connection can receive and access USDT.
The same applies to Africa. Young people in Africa who hope to build a better life for themselves are often unable to pay for the necessary academic and job credentials because they require dollars they cannot access.
Governments with more volatile currencies have severely restricted access to dollars, but Tether has provided an alternative for people in these countries. USDT has been a lifeline for immigration to Western countries.
Tether is therefore committed to serving people in emerging markets globally, building an open future with them.
More news from Tether: the launch of Keet Mobile
There has also been news in recent hours that Tether will launch Keet Mobile along with the support of Holepunch, a fully encrypted platform for creating peer-to-peer applications supported by the stablecoin itself.
With it, users will be able to initiate a call directly to another individual’s computer, laptop or cell phone without third-party access or interference. Thus, Keet Mobile is the first in a series of peer-to-peer applications that will put control back in people’s hands.
Tether believes in financial freedom, and what is as fundamental as financial freedom is the freedom to communicate. As Tether’s CTO, Paolo Ardoino, argues, the idea of handing over one’s private data to large corporations, even to perform the simplest transactions, is destined to die.
To the same end, Holepunch was founded to unlock global communications and enhance free speech, access to information, and fight censorship around the world.
In addition, Holepunch is supported by Tether Operations Limited (“Tether”), the company that operates the tether.to blockchain-enabled platform that powers the first and most widely used stablecoin; Bitfinex, a major cryptocurrency exchange; and Hypercore, a developer of peer-to-peer , scalable, cryptographically sound solutions.