Tether, the creator of the eponymous stablecoin has praised Myanmar’s decision to use USDT for official currency.
The supporters of Nobel Peace Prize winner Aung San Suu Kyi run Myanmar’s NUG, a shadow government. Cointelegraph reported that the NUG declared Tether’s USDT official currency for local use on December 13. According to the finance minister, USDT will facilitate trade and transactions.
Tether, in a blog post, thanked the NUG for their decision. This government is recognized by the European Union, and has received commendations by the United States.
It is an affirmation of the US dollar’s strength and ability to provide a safe refuge for citizens around the globe that USDT has been recognized by the Treasury as an official currency. This moment is significant beyond its potential to provide financial security. It also points to the long-standing trust in the US dollar by those who don’t have faith in their governments or national currencies.
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Many were surprised to see the NUG adopt USDT despite the controversy surrounding stablecoin issuers’ reserves. USDT remains one of the most popular crypto exchanges in the world from a transaction perspective.
The NUG currently raises funds in excess of $1 billion U.S. Dollars. The adoption of the USDT is a countermeasure to the current military regime. The Myanmar central bank had banned cryptocurrency use in May 2013. The NUG’s adoption the crypto stablecoin by them shows that these digital assets aren’t just changing financial markets but also serve as political tools.