As previously discussed, money has been an essential part of humanity for thousands of years. It has helped us purchase goods and services, enabled us to trade with one another, and assisted us in storing wealth.

But as society has evolved, our relationship with money has changed. From coins to paper currency and digital bank accounts to Bitcoin, our money has had to keep up with the times.

In recent decades, the internet has revolutionised the way we interact with each other, and our money has had to evolve alongside it. Cryptocurrencies, such as Bitcoin, have emerged, and while they have garnered immense popularity and offered promise to those let down by our present-day monetary system, they have also highlighted the limitations of traditional banking.

Given Bitcoin's digital nature, it is always open for business, running 24 hours a day, 365 days a year, with people buying and selling every second of every day. Meanwhile, there are countless individuals worldwide who are unable to access banking services. That aside, even when lucky enough to be "banked," the average bank operates for a fraction of the day, leaving us largely at the mercy of their operating hours.

It's easy to overlook these facts until you start crunching the numbers.

First, one-quarter of individuals globally are considered unbanked. That means there are well over one billion individuals who cannot transact digitally, let alone save securely.

And second, considering that there are 8760 hours a year and that the average bank only operates from 10 am to 5 pm Monday to Saturday and is closed on Sundays and public holidays, the average bank is only open for a mere 2100 hours a year. That's only 24% of the time!

So, outside of the billions unable to access banking services and online banking services that do not require assistance, accessing money efficiently and timely remains a challenge for many.

To make matters worse, unless we resort to cash, all of our funds are subject to the constraints of traditional banking. This presents a significant risk should our government impose overbearing banking reform, as was seen during the Greek government's 2015 bankruptcy.

During this crisis, banks were closed, ATM withdrawals were limited to a mere $67 per day, and after all that, the government still withdrew a significant portion of individuals' bank deposits to fund their fiscal irresponsibility.

While cash may provide a workaround to such a crisis, relying on physical currency in a world where digital transactions are a necessity is not a viable long-term solution.

This begs the question: Given the friction with traditional banking and that bitcoin's short-term volatility can be seen as a hindrance for those with minimal savings, how can we securely transact in the digital age without facing these risks and limitations?

We need a currency tied to something of relative value, digitally native and available whenever we need it, regardless of the time or day of the week.

And this is where Tether comes in.

In the ever-evolving landscape of fiat currencies, Tether has emerged as a pivotal player, driven by a vision to address the financial needs of the modern world. As traditional currencies continually struggle to keep pace with the demands of our rapidly changing global economy, and Bitcoin's short-term volatility makes it challenging for those who lack the capacity to save, the founders of Tether recognised an opportunity to bridge these worlds.

Tether is "a disruptor to the conventional financial system and a trailblazer in the digital use of traditional currencies." Their primary purpose is to enhance Bitcoin adoption by bridging the traditional financial world to the digital world of Bitcoin. They achieve this through offering a variety of digital tokens, often called “stablecoins,” which hold value due to their tether—no pun intended—to physical-world assets. Tether also invests in Bitcoin mining, Bitcoin education, Bitcoin payment infrastructure, and advanced Bitcoin research and development.

Stablecoins, as mentioned above, are digital tokens designed to maintain a stable value with respect to something current markets reconise as valuable, such as gold or widespread fiat currencies like the US dollar. They offer a mixture of both worlds - the digital self-custodial characteristics of Bitcoin, at least to a degree, with the relative short-term price stability of traditional currencies.

Tether’s Stablecoins, such as USDt, backed by US dollars, or XAUt, backed by gold, offer a distinct advantage over traditional currencies in that they operate independently, outside of the constraints of traditional banking hours and limitations. As a result, they are accessible 24/7, granting individuals greater control and flexibility over their money.

With this in mind, people can transact on their own terms, regardless of whether their bank is open, and they have access to a level of security that traditional banking systems cannot match. In the event of a government-imposed banking reform, like the one in Greece in 2015, stablecoins can offer a way to avoid the risks associated with having your money held within the traditional banking rails. With stablecoins, individuals can maintain control over their money, even in uncertain times.

Unlike Bitcoin, whose value, to the benefit or detriment of the holder, can fluctuate wildly in the short-term, Tether's various stablecoins, as the name implies, attempt to provide short-term stability in value. This makes them a perfect option for bridging the traditional world of fiat currencies with the ever-evolving world of Bitcoin by granting users the ability to move in and out of Bitcoin without moving back onto the traditional banking rails, something impossible before Tether.

To achieve this stability, Tether ensures each digital token is backed with collateral (along with its reputation), and transactions can be facilitated via various peer-to-peer systems, including blockchains of other cryptocurrencies. This increases transparency and eliminates the necessity of intermediaries such as banks. This not only provides those with an internet connection access to banking services but results in fast, low-cost transactions that can be completed 24/7, 365 days a year, regardless of traditional banking hours or holidays.

Having said that, the stablecoins offered by Tether, like USDt, also differ from traditional fiat currencies. While they maintain a peg to the value of assets like USD, they are not government-issued currencies and have no allegiance to any nation. This characteristic grants them a unique advantage, especially in countries grappling with inflation, where accessing more stable currencies like USD can be challenging. Unlike physical cash, obtaining USDt or other stablecoins through an online exchange merely requires an internet connection, ensuring accessibility regardless of one's geographical location. Therefore, the key distinction between fiat and Tether's various stablecoins lies in the jurisdictional indifference: it operates seamlessly across borders, allowing global access to a stable digital currency. Moreover, stablecoins offer benefits such as reduced transaction fees, faster cross-border transactions, and increased financial inclusivity, making them an attractive alternative to traditional fiat currencies.

After the advent of Tether, many other companies and initiatives launched similar Stablecoin products. These numerous attempts can be broadly categorised into three main types: fiat-backed, commodity-backed, and algorithmic stablecoins.

In conclusion, as our society continues to evolve and technology advances, so too does our relationship with money. From coins to digital currencies, we have seen a shift in how we interact with and transact using money. While traditional banking systems have their limitations, Tether, via its stablecoin selection, offers a potential solution to these challenges. By providing the relative short-term stability of traditional currencies with the flexibility and accessibility of native digital currencies, their stablecoins offer users greater control over their money. Whether you lack access to banking services, face government overreach or simply need to transact outside of traditional banking hours, stablecoins like USDt may provide a reliable alternative. As a result, they are quickly becoming an integral part of our financial system.