Tether, the issuer of the stablecoin of the same name, has praised the decision by Myanmar’s parallel government, The National Unity Government (NGU), to use USDT as its official currency.
Myanmar’s NUG is a shadow government led by supporters of Nobel Peace Prize winner Aung San Suu Kyi. As Cointelegraph reports On December 13, in an official Facebook post, the NUG announced Tether’s USDT as the official currency for local use. The Treasury Secretary claimed that USDT would provide the much-needed trade and transaction efficiency.
On an official blog post, Tether praised the decision of the NUG, a European Union-recognized government that has received recognition from the United States:
“The fact that it has chosen to recognize the USDT as its official currency is recognition of the strength of the US dollar and its ability to provide a safe haven for the world’s citizens. The significance of this moment goes well beyond the potential of cryptocurrency to provide financial security, but it does indicate the longstanding trust in the US dollar for those who have no faith in their own governments or local currencies. “
The NUG’s adoption of the USDT came as a surprise to many given the controversy surrounding the Reserves of the stablecoin issuer. However, from a transactional perspective, USDT is still one of the top choices on crypto exchanges around the world.
The NUG is currently raising $ 1 billion in funds and the passage of the USDT is a measure against the current military regime. The use of cryptocurrencies was banned by the Central Bank of Myanmar last May, and the NUG’s introduction of the crypto stablecoin shows how these digital assets are not only reshaping financial markets but also serving as policy tools.