Tether is the largest US dollar-denominated stablecoin issuer worldwide with $190 billion of its USDT in circulation. The largest USDT markets include China, the US, India, Argentina, South Korea, Vietnam, Brazil, the Philippines and Turkey. Inside the US, stablecoins are purchased by consumers who distrust the traditional banking system, who are unbanked or underbanked as well as by businesses that find them useful for cross-border payments. Outside the US, USDT is also purchased by consumers and businesses. The motivation for consumers and businesses is similar—the value of their nat...