The Tether community has reportedly launched a new non-profit organization aiming ‘to be the bridging point between Tether and its users’. The new organization known as Tether Impact will also raise awareness and educate the various crypto communities on any ongoing initiative centered on USDT.
According to the Tether Impact website, the community-run organization will place a particular emphasis on incentivizing the use of USDT in emerging economies as explained in the following statement
Tether Impact is a Community-Run, Non-Profit, independent organization that will interact with the Tether and Crypto Ecosystem in order to support and incentivize Tether use in third world countries, emerging economies and Decentralized Finance DApps.
Furthermore, the first Tether Impact community meeting will be held tomorrow in Paris. The meeting was announced by crypto community member @DanieleSesta through the following tweet.
News of the USDT community launching Tether Impact comes at a time when stablecoins are gaining popularity to the point of attracting the attention of global regulators. With respect to the latter, the US Secretary of the Treasury, Janet L. Yellen, will be hosting a meeting tomorrow, Monday July 19th, with several regulators in the USA.
According to the press release by the US Department of the Treasury, the meeting will be attended by the President’s Working Group on Financial Markets (PWG), the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
Secretary Yellen went on to provide the following statement explaining the urgency of the meeting.
Bringing together regulators will enable us to assess the potential benefits of stablecoins while mitigating risks they could pose to users, markets, or the financial system.
In light of the rapid growth in digital assets, it is important for the agencies to collaborate on the regulation of this sector and the development of any recommendations for new authorities.
[Feature image courtesy of Pixabay]