HashKey Group's raises $50 million venture fund for altcoins as they pivot away from their traditional focus on Bitcoin and Ethereum.
Learn more about Tether USDt
Table of Content
Tether USDt (USDT) price has increased today.
Tether USDt (USDT) is priced at $1.000 today, with a 24-hour trading volume of $36,264,702,539.38. It is reflecting a 0.05% increase over the last 24 hours and a 0.06% decline over the past 7 days. With a circulating supply of 111 Billion USDT, Tether USDt’s current market cap is at $110,532,849,880.30.
What is Tether (USDT)
Tether, launched in 2014, offers a digital platform that brings fiat currencies into crypto, aiming to reinvent how we perceive and handle traditional financial transactions.
Providing a platform where users can conduct transactions with regular currencies on the blockchain eliminates common digital currency complexities and volatilities.
Tether’s unique approach to enabling the digital use of familiar currencies has notably transformed blockchain cross-border transactions.
An Insight into the Tether USDt Token
USDt, or USD Tether, uses blockchain technology to mirror the US dollar online.
It’s a stablecoin, always worth one US dollar (1:1).
USDt provides a strong and easy-to-use way for people and businesses to trade value, keeping a dependable and familiar form of money.
Functionality of Tether Tokens
Tether tokens work as digital coins on well-known blockchains like Algorand, Avalanche, Bitcoin Cash’s SLP, Ethereum, EOS, and Solana.
These blockchains use open-source software to let people create and trade cryptocurrency tokens.
Every Tether token is fully backed by reserves that Tether holds (as they claim). To be completely open, Tether regularly shares a record of its reserve assets.
Who are Tether’s Founders?
USDT, first called Realcoin, was started in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars.
Brock Pierce is an entrepreneur with much experience in crypto and entertainment. He helped start many projects in these areas.
In 2013, he helped start the investment company Blockchain Capital, which raised over $80 million by 2017. He also became a director at the Bitcoin Foundation in 2014, a group that helps promote Bitcoin.
Reeve Collins was the CEO of Tether for its first two years. Before that, he helped start several successful companies, like Traffic Marketplace (an online ad network), RedLever (an entertainment studio), and Pala Interactive (a gambling platform).
In 2020, Collins led SmarMedia Technologies, a company focused on marketing and ad technologies.
What Distinguishes Tether?
USDT, made by Tether, keeps its value the same as the U.S. dollar. Tether promises that for every USDT token made, there is one USD in its savings, meaning each token is fully backed by money or something equal.
Cryptocurrencies can change prices a lot, sometimes 10-20%, in just one day. But USDT doesn’t change like that, offering a safe place for crypto traders in wild times. Traders can move their money into Tether instead of returning it to USD.
Also, USDT lets people easily make transactions equal to U.S. dollars worldwide through the blockchain without needing slower and more expensive middlemen like banks.
However, there have been issues and debates about whether Tether’s claims about their USD savings are true. These issues have sometimes affected USDT’s price, even dropping it to as low as $0.88 once. People have worried because Tether’s savings haven’t been fully checked by an independent third party.
Tether’s Foray into Social Media?
In July 2022, Tether, together with data network Hypercore and its related company Bitfinex, started a project to create a social media app called Keet.
Keet is a fully private video chat app, currently only for computers, but it should be available for mobile devices soon.
Keet runs on Holepunch, a platform that lets developers make Web3 apps, and while it’s not open-source right now, it should be by the end of the year.
When asked why Tether helped start a chat app, Ardoino, who also works as the main strategy officer at Holepunch, simply said, “freedom of speech.”
Tether (USDT) Coin Circulation
There’s no set limit to how many USDT tokens there can be because a private company, Tether, owns it. In theory, Tether’s policies are the only thing limiting how many tokens they make. But, since Tether says every USDT is backed by one U.S. dollar, the number of tokens depends on how much actual money the company has.
Tether doesn’t share when it will create more tokens. It does share daily reports showing their total assets and debts, with the debts equal to the number of USDT tokens in use.
At the time of writing, there is 83 Billion USDT in circulating.
Security Mechanisms Employed by Tether
USDT doesn’t have its own blockchain. It works on top of other cryptocurrency blockchains like Bitcoin, Ethereum, EOS, and Tron, and is protected by their security methods.
Where to Acquire Tether (USDT)?
You can buy Tether, or USDT, on many cryptocurrency exchanges. USDT often has the same or even more average daily trading than Bitcoin.
It’s especially common on exchanges that don’t let you trade regular money (fiat) for crypto because it gives people another option instead of USD.
Some of the top exchanges where you can trade Tether include:
Most Used
More details
Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.
-
Biggest exchange in the world.
-
Industry's lowest trading fees.
-
Advance trading options like leverage trading.
-
600+ crypto options, 150+ for the US.
-
Lucrative on-site staking options.
-
Hiccups in account verification.
-
Less regulated than some competitors.
-
The corporate structure is not transparently.
More details
OKX crypto exchange supports over 300 digital assets and over 80 fiat currencies. It is accessible in over 100 countries and territories across the world. It has one of the highest trading volumes in the crypto world and is a fantastic mobile app that offers all services on the go. The trading fees are very low. Its major drawback is its unavailability in certain countries.
-
Supports numerous tokens.
-
Great Mobile app.
-
Extensive educational resources.
-
Provision of multi-lingual services.
-
Geographical limitation.
-
KYC limitations.
Coinweb’s Crypto Wiki can provide educational resources for those new to cryptocurrencies and interested in purchasing Tether USDT.
USDT, or Tether, is a digital coin that is always worth one US dollar. It was started in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars.
Tether, the company behind USDT, says that every USDT token is backed by one US dollar in its savings, so its value doesn't go up or down like other cryptocurrencies.
You can buy USDT on many cryptocurrency exchanges like Binance, OKX, and Huobi Global. It's a popular choice for traders, especially on platforms where you can't trade with regular money.
No, USDT uses other cryptocurrency blockchains like Bitcoin and Ethereum instead of having its own.
In July 2022, Tether helped start a video chat app named Keet, along with Hypercore and Bitfinex. It’s a private chat app, available on computers now and on mobile devices soon.
Related articles
-
-
Brazilians will Stump up Taxes 15% on crypto earnings from foreign exchanges. Will this stabilize Brazil's economy?
-
Learn what stablecoins are and understand the basics with our informative guide, including the top stablecoins available today.
