It has already been 9 years since USDT, a crypto backed by the dollar, entered the digital currency scene. It was October 6, 2014. But, when the world’s first stablecoin was born, the crypto market was not as developed as it is now. Today, there are nearly 200 stablecoins on the crypto market and USDT wants to place itself at the heart of modern finance.
USDT: the journey of the queen of stablecoins
When USDT was created, very few people were aware of the potential of cryptos. Yet it would become a revolutionary technology and industry. Even though USDT currently suffers from instability, over the years it has positioned itself as a benchmark crypto.
On the occasion of ninth anniversary of USDT, the Tether company from which it comes, returned to the journey of its stablecoin and the progress made. She recalled how this innovation sparked several competitors, including USDC, BUSD, USDP, LUSD, TUSD, DAI, etc. Likewise, stablecoins are now recognized in the USA as legal tender. The company has clearly contributed to the evolution of the crypto cause. However, Tether aims further.
USDT: pillar or participant in modern finance?
The recent pandemic played a crucial role in revealing the potential of USDT. Between 2019 and 2023, use cases have multiplied very quickly for crypto. Due to the growing inflation rate, this crypto had become the preferential choice for transactions and savings protection.
Among other things, USDT crypto has established itself in fund transfers, micropayments, savings protection, etc. However, Tether has not rested on its laurels. The company has launched a crypto alternative to USDT and backed by physical gold, Tether Gold (or XAUt). Tether also indicated that it would make investments in bitcoin mining, AI, P2P communications, renewable energy, and more.
The ultimate goal is to create an ecosystem of services that operate transparently and on dematerialized currency. So what is the place of crypto USDT in modern finance? Several experts have stated that modern finance will be done with tokenized bank deposits, stablecoins and CBDCs. We must therefore hope that this crypto quickly recovers from its instability to become a valid part of the infrastructure of modern finance.
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