Tether (USDT)

About Tether

Tether (USDT) is a cryptocurrency designed to maintain a value equivalent to the U.S. dollar, functioning as a stablecoin. It aims to provide stability in the volatile cryptocurrency market and offer liquidity to exchanges that face challenges with traditional banking. Tether converts cash into digital currency, tethering its value to national currencies like the USD, Euro, and Yen. It operates on blockchain technology and claims to be 100% backed by USD held in reserves. The primary use of Tether is to facilitate trading and transfers on exchanges, allowing users to move fiat in and out more quickly and cheaply, and to circumvent banking issues. Tether is issued by Tether Limited, a company incorporated in Hong Kong and governed by British Virgin Islands law. It is widely used on exchanges like Bitfinex, Poloniex, and Bittrex to purchase other cryptocurrencies. Tether can be transferred to Omni Layer enabled wallets, and conversions between USDT and USD are possible through the Tether.to platform, with fees for such conversions.

• Tether is the most popular stablecoin and acts as a dollar replacement on many exchanges.
• Tether Limited is incorporated in Hong Kong and governed by the laws of the British Virgin Islands.
• The CEO of Tether Limited, Jan Ludovicus van der Velde, is also the CEO of Bitfinex, an exchange accused of price manipulation.
• Tether claims to be 100% backed by USD held in reserve.
• Tether has no transaction fees, though external wallets and exchanges may charge fees.

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