Tether (USDT) claims currency status following adoption by government-in-exile


The rise of stable, stablecoin-type cryptocurrencies haunts the worst nightmares of global regulators. This is primarily due to their implementation – without prior authorization – of a functional digital model of current FIAT coins. But also and above all, because the technology on which they are based makes it possible to make instant payments independent of any consideration of geographical borders. A real revolution, faced with central banks whose objective is to impose a territorial determinism on the populations they control. And the main reason for the recent adoption of the USDT as the official currency of a government-in-exile.

This news could almost seem surreal, if it did not have this little more symbolic interest. First of all because it concerns the stablecoin Tether (USDT), whose operating model is closer to the (bad) bank than to Bitcoin. But whose dominance in the sector remains very important (54%), even if it has been declining for several months already. This in favor of a USDC (28%) with more reassuring transparency, and a DAI (6%) in fourth position ahead of the BUSD (9.5%) of the Binance platform. And the only true representative of the decentralization values ​​of the sector (the DAI, not the BUSD).

A story whose second protagonist is the government of national unity (NGU) in exile of Burma (Myanmar). A political entity run by supporters of Nobel Peace Prize laureate Aung San Suu Kyi, imprisoned in her country. And in opposition to the military junta currently in power, following a coup in February of this year. But whose finance minister recently announced the adoption of the USDT, in order to be able to continue its commercial activities and ensure the essential transactions. Nothing more was needed for the Tether company.

Tether claims official currency status

Because hardly this announcement formalized, the company Tether did not fail to surf this wave in order to take advantage of it. This in the form of a statement posted on his official blog, with the evocative headline: “Tether Responds to Myanmar Adoption of USDT as Official Currency. ” And in which the company welcomes the decision of members of the Burmese government in exile to have made this choice presented as enlightened. But without forgetting to position its USDT well at the center of an apology for the US dollar, of which its stablecoin would be the digital version able to ensure “financial security.” “

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The fact that the NGU has chosen to recognize the USDT as the official currency is a praise of the strength of the US dollar and its ability to provide a safe haven for the citizens of the world. The importance of this moment goes far beyond the potential of cryptocurrencies to provide financial security. It indicates a long-standing confidence in the US dollar for those who have no confidence in their own governments or national currencies.

Tether

But the real question is to know why the choice of this government of national unity (NGU) fell on the USDT. And this regardless of angering the ruling military junta, which is firmly opposed to cryptocurrencies. Because the DAI stablecoin option would have been more judicious in this case. Especially if we consider this so-called “financial security” advocated by Tether, much more unstable than the price of its stablecoin. Because it would have been enough if the military forces in power had sufficient leverage on Tether for all transactions carried out by the NGU were instantly blocked. An option already used many times and made possible thanks to the magic of centralization!

But whatever, the USDT became the official currency of a government without a territory. And the self-proclaimed haven of “those who do not trust their own governments or national currencies.” But what about those who don’t trust Tether?



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