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- Tether has been adopted by the shadow government of Myanmar
- Tether has praised the nation for taking such measures
- According to the USDT issuers, a nation adoption is a significant event that goes beyond the potentials of crypto assets
Tether (USDT) is one of the leading stablecoin projects with more than $76 billion worth of market cap. Recently, the shadow government of Myanmar, the National Unity Government (NUG), had made USDT an official currency of the nation. According to the finance minister of NUG, stablecoin has the potential to enhance trade speed and payment efficiency.
Following such measures being taken by the Myanmar parallel government, the brains behind the government-issued fiat-pegged stable crypto token applaud the nation. According to the USDT issuers, the nation’s adoption is a significant event that goes beyond the potentials of crypto assets.
Myanmar NUG adopts USDT stablecoin
The parallel government of Myanmar believes that the incorporation of Tether as an official currency in the nation for local transactions would solve privacy concerns. Moreover, such measures would help the country to seize funds from the current regime. According to the nation’s finance minister, making USDT an official currency would make it easy to speed up the current trades and services and boost their payments infrastructure.
Tether hails Myanmar NUG
Tether is the issuer of the eponymous stablecoin, USDT. The team behind the project praises the decision taken by the shadow government of Myanmar. In an official blog, post Tether commended the Myanmar government, which is being run by the supporters of Nobel Peace winner Aung San Suu Kyi. The blog post highlighted that the fact NUG chose to recognize USDT as an official currency is praisable to the USD’s strength and its ability to provide a safe haven to citizens of the world.
The post also underscored that the government’s adoption significance of the stablecoin goes far beyond the potential of crypto-assets to provide financial security but points to long-standing confidence in the USD for those who don’t trust their government or nation fiat currency.
NUG’s adoption of USDT was surprising
Such moves being taken by Myanmar’s parallel government came as a surprise to many, given the controversies surrounding the stable crypto token issuer’s reserves. However, if we see things from the transaction point of view, stablecoin is still one of the prominent choices on digital assets exchanges globally. Notably, the central bank prohibited crypto use in the nation until May last year. However, now the adoption of the stablecoin shows how the crypto ecosystem is not just reshaping our financial markets but also serving as a political tool.
