Information about "Tether USDt"
What Is Tether (USDT)?
Introduced in 2014, Tether is a platform powered by blockchain technology that aims to digitize the use of traditional money. It seeks to revolutionize the established financial system with a more innovative take on currency. Tether has gained traction by enabling users to handle traditional currencies on the blockchain, avoiding the usual volatility and complexity linked to digital currencies. As the pioneering blockchain platform for digitizing conventional currencies (a well-known and stable measure), Tether has opened up cross-border blockchain transactions to a wider audience.
What is the Tether USD₮ token?
USD₮ is essentially a digital version of the dollar, leveraging blockchain tech to act as a stablecoin, maintaining a 1:1 value ratio with the USD. This stablecoin offers individuals and organizations a reliable and decentralized way to trade while using a currency unit they are familiar with.
How do Tether tokens work?
Tether tokens are digital assets that operate on several major blockchains, including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, Kava, and Statemine. These transport protocols use open-source software to interface with blockchains, allowing Tether tokens to be issued and redeemed. Each Tether token is fully supported by Tether's reserves. To maintain full transparency, Tether regularly publishes records of its current reserve assets.
Who Are The Founders Of Tether?
Launched in 2014 as Realcoin, USDT was created by Brock Pierce, Reeve Collins, and Craig Sellars.
Brock Pierce is a prominent entrepreneur with several successful projects in the crypto and entertainment sectors under his belt. In 2013, he co-founded Blockchain Capital, a venture capital firm that had raised over $80 million by 2017. In 2014, Pierce took on the role of director at the Bitcoin Foundation, a nonprofit aimed at advancing Bitcoin's development. He also co-founded Block.one, the company behind EOS, a major cryptocurrency.
Reeve Collins was Tether's CEO for its initial two years. Before that, he co-founded several thriving companies like Traffic Marketplace, an online ad network, RedLever, an entertainment studio, and Pala Interactive, a gambling website. As of 2020, Collins leads SmarMedia Technologies, a marketing and advertising technology firm.
Craig Sellars, apart from his involvement with Tether, has been part of the Omni Foundation for over six years. The Omni Protocol allows the creation and trading of smart-contract assets and currencies on Bitcoin's blockchain. Sellars has also been associated with other cryptocurrency firms and organizations, including Bitfinex, Factom, Synereo, and the MaidSafe Foundation.
Brock Pierce is a prominent entrepreneur with several successful projects in the crypto and entertainment sectors under his belt. In 2013, he co-founded Blockchain Capital, a venture capital firm that had raised over $80 million by 2017. In 2014, Pierce took on the role of director at the Bitcoin Foundation, a nonprofit aimed at advancing Bitcoin's development. He also co-founded Block.one, the company behind EOS, a major cryptocurrency.
Reeve Collins was Tether's CEO for its initial two years. Before that, he co-founded several thriving companies like Traffic Marketplace, an online ad network, RedLever, an entertainment studio, and Pala Interactive, a gambling website. As of 2020, Collins leads SmarMedia Technologies, a marketing and advertising technology firm.
Craig Sellars, apart from his involvement with Tether, has been part of the Omni Foundation for over six years. The Omni Protocol allows the creation and trading of smart-contract assets and currencies on Bitcoin's blockchain. Sellars has also been associated with other cryptocurrency firms and organizations, including Bitfinex, Factom, Synereo, and the MaidSafe Foundation.
What Makes Tether Unique?
USDT's standout attribute is its assured value stability, pegged to the U.S. dollar by Tether. The company promises that for every new USDT token issued, an equivalent amount in USD is added to their reserves, ensuring that USDT is fully backed by cash or cash equivalents.
Given the notorious volatility of cryptocurrency markets, where values can swing by 10-20% in a single day, USDT offers a dependable store of value. Unlike other cryptocurrencies, USDT is shielded from these drastic fluctuations.
This characteristic makes USDT a haven for crypto investors seeking stability during volatile times, allowing them to move their assets into Tether without converting them back into USD. Additionally, USDT simplifies transactions in dollar equivalents across different regions, countries, and continents through blockchain, eliminating the need for slow and costly intermediaries like banks.
Despite its advantages, Tether has faced controversies about the authenticity of its USD reserve claims. At times, this has impacted USDT's price, causing it to drop as low as $0.88. Concerns have been raised over the fact that Tether's reserves have never been fully independently audited.
Given the notorious volatility of cryptocurrency markets, where values can swing by 10-20% in a single day, USDT offers a dependable store of value. Unlike other cryptocurrencies, USDT is shielded from these drastic fluctuations.
This characteristic makes USDT a haven for crypto investors seeking stability during volatile times, allowing them to move their assets into Tether without converting them back into USD. Additionally, USDT simplifies transactions in dollar equivalents across different regions, countries, and continents through blockchain, eliminating the need for slow and costly intermediaries like banks.
Despite its advantages, Tether has faced controversies about the authenticity of its USD reserve claims. At times, this has impacted USDT's price, causing it to drop as low as $0.88. Concerns have been raised over the fact that Tether's reserves have never been fully independently audited.
Is Tether Entering the Social Media Market?
In July 2022, Tether teamed up with the peer-to-peer data network Hypercore and its sister company Bitfinex to develop a social media app called Keet.
Currently available only as a desktop application, the encrypted video chat app has plans to expand to mobile platforms soon.
Keet is the first app to be launched on Holepunch, a developer platform for building Web3 apps. Although Keet remains a closed-source project for now, the companies intend to make it open-source by year-end.
Explaining Tether's foray into a chat application, Ardoino, who also serves as the chief strategy officer at Holepunch, simply cited "freedom of speech."
Currently available only as a desktop application, the encrypted video chat app has plans to expand to mobile platforms soon.
Keet is the first app to be launched on Holepunch, a developer platform for building Web3 apps. Although Keet remains a closed-source project for now, the companies intend to make it open-source by year-end.
Explaining Tether's foray into a chat application, Ardoino, who also serves as the chief strategy officer at Holepunch, simply cited "freedom of speech."
How Many Tether (USDT) Coins Are There In Circulation?
There is no predetermined limit on the total number of USDT tokens, as Tether, being a private company, controls its issuance according to its policies. However, because Tether asserts that each USDT is backed by a single U.S. dollar, the token supply is effectively limited by the company's cash reserves.
Tether does not publish its issuance schedule in advance. Instead, it offers daily transparency reports that outline the total reserves and liabilities, with the latter reflecting the amount of USDT currently in circulation.
As of September 2020, there are over 14.4 billion USDT tokens in circulation, supported by $14.6 billion in assets, according to Tether.
Tether does not publish its issuance schedule in advance. Instead, it offers daily transparency reports that outline the total reserves and liabilities, with the latter reflecting the amount of USDT currently in circulation.
As of September 2020, there are over 14.4 billion USDT tokens in circulation, supported by $14.6 billion in assets, according to Tether.
How Is the Tether Network Secured?
USDT doesn't operate on its own blockchain. Instead, it functions as a second-layer token on the blockchains of other cryptocurrencies, including Bitcoin, Ethereum, EOS, Tron, Algorand, Bitcoin Cash, and OMG, leveraging their respective hashing algorithms for security.
Where Can You Buy Tether (USDT)?
Tether (USDT) is available on a wide array of cryptocurrency exchanges. In many instances, USDT's daily trading volumes rival or even surpass those of Bitcoin. This is especially true on exchanges that don't offer fiat-to-crypto trading pairs, making USDT a practical alternative to USD. Some popular exchanges where Tether is traded include:
* Binance
* OKEx
* HitBTC
* Huobi Global
* Binance
* OKEx
* HitBTC
* Huobi Global
