Binance, the largest cryptocurrency exchange globally, has taken a bold step towards consolidating USDC as one of the leading stablecoins in the market by announcing the conversion of ten tokens to this digital currency. The decision seeks to simplify operations and improve liquidity within the platform, providing users with a smoother and more efficient experience. This initiative not only highlights the growing relevance of USDC as a reliable option for cryptocurrency trading, but also underlines Binance’s vision to continuously optimize its financial product offering.

Tether, the company behind the world’s biggest stablecoin, has announced a new documentary on USDT as part of its 10th-anniversary celebrations.

The film will focus on how USDT has helped millions of people protect themselves from inflation and local currency devaluation.

USDT’s growth and technical evolution

In the documentary trailer, there are interviews with people who rely on USDT to handle day-to-day transactions in places hit hard by inflation. One interviewee from Brazil said:

“Tether with USDT is like 90% of the transactions that Brazil makes during the day.”

In Brazil, USDT adoption has exploded, making up 80% of all crypto transactions in 2023. 

USDT was first launched on October 6, 2014, by entrepreneur Brock Pierce, alongside Reeve Collins and software engineer Craig Sellars.

Initially called Realcoin, the project was reportedly designed to issue tokens representing fiat currencies on a 1:1 ratio, giving users the ability to transfer funds globally using blockchain.

Realcoin eventually rebranded as Tether, and USDT quickly became the largest stablecoin on earth. 

Originally built on the Bitcoin blockchain via the OmniLayer protocol, USDT expanded over the years to multiple blockchains, including Ethereum, Tron, and The Open Network.

Its flexibility on these platforms has only fueled its growth. Today, USDT’s market cap stands at $120 billion, making it the third-largest cryptocurrency, trailing only Bitcoin and Ethereum.

To mark the occasion, Paolo Ardoino, Tether’s CEO, explained that their mission has always been to offer financial tools to people who are left out by traditional banking systems, especially those living in countries dealing with high inflation.

He added that hundreds of millions globally are already using USDT as their “digital dollar,” and tens of millions of new wallets are being added each quarter. In his words:

“Our focus has always been (and will always be) the last mile. Rich people already have tens of ways to transact and store wealth. We build financial tech for the people left behind. Tether has become a symbol of disintermediation, resilience, and stability.”

Tether’s ongoing fight against crypto scams

On September 27, Tether announced that it had once again assisted the U.S. Department of Justice (DOJ) in seizing over $6 million linked to a crypto-confidence scheme in Southeast Asia. 

The DOJ revealed that the seized funds were part of a scam operation that tricked people by mimicking legitimate platforms.

The U.S. Attorney’s Office in Washington, D.C., publicly acknowledged Tether’s cooperation and thanked Ardoino.

In the past year, the company has been involved in multiple seizures, including $9 million in USDT connected to pig-butchering schemes and another $1.4 million from a tech support scam.

As of press time, Tether has assisted over 180 enforcement agencies across 45 countries, freezing more than $1.8 billion in USDT tied to illegal activities.

Beyond freezing assets, Tether has reportedly redistributed over $128 million back to its rightful owners and law enforcement agencies.

In addition, they’ve blocked more than 1,850 wallets involved in illicit activities. “Tether is steadfast in its commitment to assist law enforcement agencies worldwide in stopping the misuse of cryptocurrency,” Ardoino said. 

He added, “We stand ready to collaborate with government agencies and deliver all necessary tools to ensure that global bad actors are brought to justice and that ultimately, the victims are supported.”