Learn What is Tether USDT
Tether (which is well known as USDT) is a blockchain-based cryptocurrency whose tokens in circulation are backed by an equal amount of U.S dollars. Making it a stable coin with a price of USD $1.00. It was launched as the real coin in July 2014 and rebranded as Tether in November. The company Tether Ltd. is basically responsible for maintaining the reserve amounts of fiat currency. USDT is the fifth-largest cryptocurrency by market capitalization, worth more than $68 billion.
CONCEPT OF TETHER
- These tokens trade under the USDT symbol.
- It belongs to a breed of cryptocurrencies called stable coins which aim to keep cryptocurrency valuations stable.
- It is used by crypto investors who want to avoid the extreme volatility of other cryptocurrencies while keeping value within the crypto market.
Tether is used as a medium of exchange and a mode of storage of wealth, instead of being used as a medium of speculative investments.