What is Tether ?
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’.
Primary features of Tether
- USDT was the first Stablecoin introduced in Cryptocurrency markets and also holds itself as the most popular one.
- Backed by Fiat currencies like US Dollars, Euros, Yen, and Gold.
- Uses the blockchain and encryption algorithm as that of Bitcoin. It does not have its own blockchain network like ETH has Ethereum, and BTC has Bitcoin.
- It has emerged to be the third-largest project in the Crypto industry by market capitalization.
Is Tether a promising cryptocurrency?
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.
How to use Tether coins?
- Hedging: USDT makes it possible to actively hedge all major altcoins in the crypto market.
- Arbitrage: Being quick and easy, USDT helps leverage other assets’ price gaps.
- Crypto Trades: Widely accepted Cryptocurrency across all exchange platforms.
- Forex Trading: USDT can be traded against fiat foreign currencies, like EUR, GBP, or AUD.
Pros & Cons of Tether coin
As the Coins are backed by large reserves, its value is mostly immune to market price fluctuations.
Immune to Crypto Market Crisis:
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.
Suitable for Starters:
For any newbies in the crypto world, it is a safe start with the least fluctuations.
Important Hedging Tool:
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.
Trade Tether coin on CoinSwitch kuber
- You can start investments and trade with just Rs.100.
- Allows instant withdrawals and deposits directly to bank accounts.
- Trade-in Tether (USDT) at zero fees.
- Intuitive and straightforward UI.
- Easily track your transactions and manage your portfolio.
Tether ICO summary
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.
FAQ's on Tether
How does Tether (USDT) work?
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.
How to buy Tether cryptocurrency?
You can buy Tether coins on CoinSwitch.
How Many Tether (USDT) Coins Are There?
There are 62 Bn. USDT coins in circulation with an uncapped Total Supply.
How to invest in Tether cryptocurrency?
You can invest in Tether using CoinSwitch Kuber App.