Tether and the stablecoin world have been under regulatory scrutiny for quite some time. However, this hasn’t stopped members of the community from initiating a push to expand USDT’s use cases around the world. The new group, dubbed ‘Tether Impact,’ will be controlled by the community and will be a non-profit, independent organization.
Tether Impact will primarily interact with Tether, the world’s largest stablecoin issuer and the crypto ecosystem, to and support and incentivize the use of USDT in third-world countries, rising economies, and decentralized finance DApps. Daniele McDonald, a member of the community, revealed this. The initiative’s official website currently only has two paragraphs, one of which describes the initiative’s purpose as follows:
“Tether Impact seeks to function as a link between USDT and its users, generating awareness and informing the Cryptocurrency Community about any ongoing Tether initiatives.”
The conundrum of Tether Growth
While stablecoins, in general, have sparked debate among lawmakers around the world, USDT has been particularly targeted by regulators. Boston Fed President Eric Rosengren’s comment has stood out among many raising concerns about the potential perils of the world’s third-largest cryptocurrency. In June, Rosengren classified USDT as one of the US central bank’s “financial stability challenges” and described it as “new disruptors” to short-term lending markets. This was also one of the few times when a senior Fed official specifically mentioned USDT in a speech.
There are already more than $60 billion in USDT in circulation, making USDT deposits larger than those of several US banks.
Unlike its competitors, Tether has not been a transparent product from the start. After a protracted legal struggle with the New York Attorney General [NYAG], this changed. To comply with the settlement terms, the stablecoin has begun providing quarterly breakdowns of the investments utilized to back the stablecoins to the general public.
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