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Tether's USDT Growth Driven By Its Use as a Digital Dollar in Emerging Markets, Outpacing Crypto Trading
Asia
Image Credit: Dall-E 3
Tether's CEO, Paolo Ardoino, said the significant growth of the Tether stablecoin, USDT, is now predominantly driven by its use as a digital dollar in emerging markets, rather than solely for cryptocurrency trading. Ardoino emphasized that Tether is particularly vital in countries like Turkey, Vietnam, Brazil, Argentina, and several African nations, where traditional US dollars are often scarce, highlighting its role in regions with financial instability and aiming to function as the "dollar for the last mile" for the unbanked. Despite regulatory warnings about the risks associated with crypto assets, particularly in developing economies, Tether continues to expand its influence and operations, with plans to increase its staff as it ventures into new areas such as artificial intelligence, maintaining its dollar peg through substantial dollar-based reserves.
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