Tether (USDT) is a cryptocurrency, also known as a ‘stable coin’, designed to provide a stable price point at all times. It was renamed Tether, which emerged in 2014 as RealCoin but was rebranded in 2015.
Tether is used by millions of blockchain users every day to invest, protect value, and transact across various blockchain networks without the need for a trusted third-party intermediary.
More than 80 percent of trading transactions with Bitcoin, the largest cryptocurrency in terms of market volume, are made with Tether. Tether, which has become an indispensable option in daily transactions and trade, can be exchanged for one-to-one with US Dollars. The ability to transfer real currency at low costs is one of its most important advantages.
Tether was originally built on the Omni protocol. Omni, a versatile platform used for a range of digital assets and currencies pegged to the Bitcoin blockchain, also appears as a layer in the Bitcoin infrastructure. However, when the transaction fees and transaction times of the Bitcoin blockchain did not meet the demand for Tether over time, the Tether company started to produce and distribute USDT on Ethereum, Tron, EOS and other blockchains.
Each Tether (USDT) traded is backed by one US dollar worth of assets. Once tether (a single US dollar) is traded, it can be used in the same way as any other currency or token on the chain it was traded. Tether currently supports Bitcoin, Ethereum, EOS, Tron, Algorand and OMG Network blockchains.
Tether is a stablecoin that can be purchased on many popular exchanges. Tether (USDT) can be exchanged for various goods at different merchants. It can be used to exchange for a different currency. Some users will receive USDT for lending, buying NFTs and participating in ICOs. Tether’s flexibility makes it incredibly versatile and can be used almost anywhere the user wants to transfer funds or trade.