In Brief:
- Tether applauds Myanmar’s NUG for their decision to adopt USDT as the official currency of the nation.
- The adoption is a testament to the USD’s power and capacity to provide a safe place for global citizens, according to Tether.
- Tether believes that political and financial situations in many parts of the world have prompted people to seek more stable currencies.
Stablecoin Tether applauds the National Unity Government of Myanmar for their decision of adopting the coin as the official currency of the nation.
Tether stated in their blog post, the notion that Myanmar’s shadow government has chosen USDT as its official currency is a testament to the US dollar’s power and capacity to provide a safe place for global citizens.
In an official Facebook post on December 13, NUG announced Tether’s USDT as the official currency for domestic use.
The USDT, according to finance minister Tin Tun Naing, will provide much-needed trade and transaction efficiency.
The NUG’s decision to recognize Tether as an official currency is part of a larger fundraising effort to overturn Myanmar’s current military rule.
The National Unity Government is an exiled government led by Nobel Peace Prize laureate Aung San Suu Kyi, who is currently serving a two-year prison sentence. NUG has garnered praise from the United States, as well as acknowledgment from the European Union.
Tether believes that political and financial situations in many parts of the world have prompted people to seek out more stable and secure currencies, which has led many to USDT.
Tether claims that because it is pegged to the US dollar, it is a safe and secure way to hold USD on the blockchain, as well as a trustworthy solution for economies dealing with inflation, anti-privacy laws, and other issues.
The adoption of the Tether stablecoin by NUG demonstrates how digital assets are being used not only to reshape financial markets but also as political pawns.
