The NUG’s Ministry of Planning, Finance, and Investment has announced that USDT or USD Tether will be Myanmar’s official currency, instead of the Myanmar Kyat, ambcrypto.com reported.
Tether is a cryptocurrency that is hosted on the Ethereum blockchain with tokens issued by Tether Limited, which in turn is controlled by the owners of Bitfinex. Tether is called a stablecoin because it was originally designed to always be worth US$1.00.
CNBC reported that in June Boston Fed President Eric Rosengren raised the alarm about tether, calling it a potential financial stability risk.