Quick Guide On Tether ($USDT)
Tether ($USDT) is considered to be one of the most popular pioneers among stablecoins such as Dai, Binance USD, TrueUSD, TerraUSD, Pax Dollar, and other cryptocurrencies peg their market value to a currency, stock, or commodity to cut down volatility.
Author:James PierceReviewer:Gordon DickersonJul 22, 20227.6K Shares475.1K Views
About Tether ($USDT)
Tether ($USDT) is considered to be one of the most popular pioneers among stablecoins such as Dai, Binance USD, TrueUSD, TerraUSD, Pax Dollar, and other cryptocurrencies peg their market value to a currency, stock, or commodity to cut down volatility. Most digital currencies, even his majesty Bitcoin, experience periods of drastic volatility. Tether and other stablecoins try to tame price fluctuations and, by doing this, make a coin more attractive. Tether’s price is pegged to a fiat currency such as Tether gives users an opportunity to manage transfers from other cryptocurrencies back to U.S. dollars, considerably saving time.
This cryptocurrency allows individuals to use a blockchain network and related technologies to transact in traditional currencies while minimizing the volatility and complexity often associated with digital currencies.
Tetheris the third-largest cryptocurrency by market capitalization, with a market cap of $70 billion and a per token value of $0.9994 at the moment of writing.
Who Runs Tether?
Tether was founded in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. The Hong Kong-based company iFinex Inc. owns Tether Limited is owned and also the Bitfinex cryptocurrency exchange that was the first crypto exchange for offering Tether trading, which started in January 2015. Tether minted the USDT stablecoin on ten protocols and blockchains.
How Does USDT Work?
When you deposit fiat currency into Tether’s reserve to sell fiat and buy $USDT, Tether then supplies the corresponding digital amount in tokens. You can send, store, or swap your USDT.
When you deposit $100 in the Tether reserve, you get 100 Tether tokens ($USDT). As soon as you redeem the tokens, Tether coins are destroyed and removed from circulation.
Tether runs across various blockchains the same way other digital currencies do. Tether tokens are available almost everywhere, including Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, Bitcoin Cash’s Standard Ledger Protocol, and Solana.
Why Does Tether Stand Out?
Tether isn’t the only stablecoin on the crypto market, but the popularity of Tether sets it apart.
That’s a fact that Tether has a bigger market cap than other stablecoins. It also has a much higher daily trading volume. Actually, Tether has the highest 24-hour trading volume of all cryptocurrencies, and that surely means a lot in the digital token ecosystem.
Let’s look at some use cases of Tether:
- Send stablecoins to another party worldwide.
- Transfer your funds between crypto exchanges.
- Lend your stablecoins to earn high-interest rates (some lending platforms pay more than 10%).
- Store funds on an exchange to quickly trade them for other cryptocurrencies of your choice.
Tether's popularity and high trading volume make it easier to use than other stablecoins, as you can find it on almost all crypto exchanges.
USDT is Tether's biggest crypto token, but keep in mind that it is also pegged to the yuan, euro, and even gold.
Where to Store $USDT?
The main point of a stablecoin is to offer you a less level of volatility. That’s why all Tether tokens are pegged at 1-to-1 with a matching fiat currency (e.g., 1 USDT = 1 USD) and are backed by Tether’s reserves.
- Set up a SimpleHold mobile app from AppStore or Google Play
- Go through our flawless onboarding
- Create a New Wallet if you still don’t have it
- Enter a Password and re-enter it to confirm
- Make up your Passcode
- Face ID is the quickest way to have access to the wallet
- Click the “Plus” icon and Generate a new address
- In the list of tokens, type “Tether”
- Confirm creation of an address by entering your password
- Hooray! Now you have a Tether ($USDT) Wallet
James Pierce
Author
James Pierce, a Finance and Crypto expert, brings over 15 years of experience to his writing. With a Master's degree in Finance from Harvard University, James's insightful articles and research papers have earned him recognition in the industry.
His expertise spans financial markets and digital currencies, making him a trusted source for analysis and commentary. James seamlessly integrates his passion for travel into his work, providing readers with a unique perspective on global finance and the digital economy.
Outside of writing, James enjoys photography, hiking, and exploring local cuisines during his travels.
Gordon Dickerson
Reviewer
Gordon Dickerson, a visionary in Crypto, NFT, and Web3, brings over 10 years of expertise in blockchain technology.
With a Bachelor's in Computer Science from MIT and a Master's from Stanford, Gordon's strategic leadership has been instrumental in shaping global blockchain adoption. His commitment to inclusivity fosters a diverse ecosystem.
In his spare time, Gordon enjoys gourmet cooking, cycling, stargazing as an amateur astronomer, and exploring non-fiction literature.
His blend of expertise, credibility, and genuine passion for innovation makes him a trusted authority in decentralized technologies, driving impactful change with a personal touch.
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