USDT is an open-sourced cryptocurrency by Tether Limited introduced to induce stability in Price Volatility in the crypto world.
About Tether Coin:
It is considered as a ‘Digital Dollar’ where each USDT token is equivalent to $1. This pegging of USDT price to US Dollars is supported by an equivalent amount of actual cash reserves backing it. This makes USDT price immune to daily market fluctuations, making it a ‘Stablecoin’.
Tether is the company to introduce not just USDT in the market but also the concept of ‘Stablecoin’ itself to the crypto industry. It is the Most Popular Stablecoin & third-largest crypto asset by market capitalization. It is less volatile, and its value is pegged to $1.
As the Coins are backed by large reserves, its value is mostly immune to market price fluctuations.
Even in extreme adversities of the entire Crypto market crashing down, USDT coins will be least affected as their value is linked to fiat money and not to other cryptocurrencies.
Widely Accepted & Frequently Traded Stablecoin.
For any newbies in the crypto world, it is a safe start with the least fluctuations.
USDT can be seen as a digitized US Dollar with all benefits of cryptocurrencies but bare minimum risks.
Wall Street Journal stated, “80% of all BTC trading is done using USDT, ensuring liquidity in crypto-market.”
Tether in 2019 disclosed that at one time, USDT was pegged to $0.75 due to insufficient reserves.
A fall in the value of USDT can potentially damage the entire cryptocurrency market.
USDT hit off trading platforms as the first Stablecoin in February 2015 and has ever since been one of the most traded digital assets on the market.
USDT does not operate on its own blockchain network, rather as a Layer-2 currency over Bitcoin and other cryptocurrencies.
Its value is pegged to USD, a fiat currency. Its supply is uncapped as long as Tether can arrange reserves to back the issue. This ensures 1 USDT=$1.
You can buy Tether coins on CoinSwitch.
There are 62 Bn. USDT coins in circulation with an uncapped Total Supply.
You can invest in Tether using CoinSwitch Kuber App.
CoinSwitch, India’s largest crypto exchange, is a safe and reputed investment platform. In keeping with its mission to “Make Money Equal for All,” the company prioritizes quality in its product and the safety of all stakeholders.
Cryptocurrencies have emerged as an attractive investment option in recent years, capturing the imagination of investors despite their high volatility.
A simple explainer can be a pretty rare thing in a realm as complicated as the cryptosphere. That’s what we are here to change—one article at a time.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
Tether coin is considered as a ‘Digital Dollar’ where each USDT token is equivalent to $1.
6,796 Cr. USDT
36% Buy 64% Sell
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