Tether, the company behind the eponymous stablecoin, applauded Myanmar’s parallel government, The National Unity Government (NUG), for deciding to utilise USDT as its official currency.
Myanmar’s NUG is a shadow government led by Aung San Suu Kyi’s followers. Relatively, NUG announced Tether’s USDT as the official currency for local use. In an official Facebook post on December 13, as previously reported. USDT, according to the finance minister, will provide much-needed trade and transaction efficiency.
Tether applauded the NUG’s move in an official blog post, noting that the NUG is a European Union-recognized administration that has also garnered praise from the US.
“The fact that it has opted to recognise USDT as an official currency is a testament to the US dollar’s strength. As well as, ability to provide a safe haven for international residents. This moment is significant because of the potential of cryptocurrency to give financial stability. As well, because it demonstrates long-standing confidence in the US dollar among those who lack confidence in their own governments or national currencies.”
Given the concerns surrounding the stablecoin issuer’s reserves, the NUG’s adoption of USDT came as a shock to many. However, in terms of transactions, USDT remains one of the most popular options on cryptocurrency exchanges all around the world.
The NUG is currently raising $1 billion in funding. And the introduction of the USDT is a response to the existing military dictatorship. The Myanmar central bank banned cryptocurrency use in May of last year. And NUG’s acceptance of the crypto stablecoin demonstrates how digital assets are altering financial markets. As well as serving as political tools.