Myanmar’s shadow government said it would allow the use of the world’s largest stablecoin, Tether, as an official currency, potentially making it easier for it to raise funds and make payments. The National Unity Government (NUG), which comprises prodemocracy groups and remnants of Myanmar's civilian administration that was ousted in a military coup earlier this year, has been seeking to raise funds for its “revolution” to topple the ruling military junta. The junta has outlawed the NUG and designated it a “terrorist” movement. Tin Tun Naing, the NUG’s minister in charge of planning finance and investment, said on a December 11 the NUG would officially recognise USD Tether and this would enable better and faster transactions. Tether can be transferred in a similar way to other cryptocurrencies like bitcoin making it hard for governments and other authorities to track or prevent payments. However, its value is officially pegged to the US dollar and so remains stable, unlike most other cryptocurrencies. Tether has a market value of $76 billion, and following criticism and suspicion about the value of the assets underpinning the stablecoin, the company publishes regular reports by auditors of its reserves.

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