The Tether team believes that USDT plays a vital role in maintaining the US dollar as the world’s most stable, most used, and most sought-after currency.
The team at Tether has published a new blog post in which they explain how USDT keeps the US dollar strong.
The informative article explains that stablecoins are substantial innovations in how currencies are used and made available worldwide. The Tether team points out that the United States dollar is the most sought-after fiat currency, and access to physical dollars outside the US is sometimes very challenging. This, in turn, leads to black markets whereby the USD is exchanged at premium rates above actual forex values.
Tether Has Created a Way for People to Access Dollars
With USDT, people worldwide can now access dollars ‘as a tool for financial freedom.’ They added that Tether’s conservative management of its reserves through US Treasuries means that the previously unsatisfied global dollar demand can now be addressed directly using USDT.
USDT is a Powerful Tool for the US to Maintain the Dollar’s Role As the Most Sought-After Currency in the World.
Furthermore, the Tether team believes that USDT ‘is an important and powerful tool for the United States in maintaining the dollar’s role as the most stable, most used, and most sought-after currency in the world.’
They explained that since the 1970s, the US secured the future of the US dollar through the Petrodollar system, whereby oil-producing countries sold their oil in dollars. This meant a lot of leading economies, such as Japan and Europe, had to buy USD to purchase oil, thus strengthening the demand and position of the US dollar globally.
The dollar consequently stabilised US Treasuries as investors had a guarantee that the Treasuries would buy a consistent amount of oil. But the subprime mortgage crisis between 2007 to 2010 flipped the script, and the value of oil dropped significantly. At the same time, other countries, such as China, have now been evaluating shifting away from the dollar.
According to the Tether team, USDT can consequently provide the United States ‘with a tool similar to that the Petrodollar regime offered for the digital era.’
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