Wednesday, March 27, 2024
by Hideo Nakamura
Rank #3
Tether (USDT)

Tether USDT

$ 0.999973
0.00001422 BTC
Marketcap
$ 104,422,583,458
Volume (24h)
$ 65,163,729,976
Circulating Supply
104,362,092,744 USDT
Total Supply
104,362,092,744 USDT
All time high price: $ 1.32 24.24%
All time high date: July 24, 2018
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* Currency in USD
Historical Price for Tether
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Tether Markets
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USDT

Tether (USDT) price has decreased -0.03% today!

Tether (USDT) is a cryptocurrency that operates on a blockchain. Currently, it is trading at $ 0.999973 and a market capitalization of $ 104,422,583,458. The price of Tether has decreased -0.03% in the last 24 hours. Currently, Tether ranks #3 among all cryptocurrencies by market capitalization and has a daily trading volume of $ 65,163,729,976.

Tether, also known as USDT, is a prominent stablecoin in the cryptocurrency market. A stablecoin is a type of cryptocurrency that’s value is pegged to a more stable asset, typically a fiat currency or a commodity.

What Sets Tether Apart?

Tether, launched in 2014, is considered the pioneer of stablecoins, making it one of the most significant and widely utilized in the cryptocurrency ecosystem. Unlike volatile cryptocurrencies like Bitcoin or Ethereum, Tether’s value is anchored to the US Dollar, implying that one Tether (USDT) is designed to be equivalent to one USD. This peg provides a level of stability, making Tether an attractive option for investors seeking to avoid the wild price swings often seen in the cryptocurrency market.

Why is Tether Popular?

The combination of Tether’s stability, broad acceptance, and near-instant transaction processing times makes it an ideal medium of exchange on various crypto platforms. It is often used for trading and arbitrage across various exchanges, as a store of value, or as a way to swiftly move money around in the crypto ecosystem.

Tether is also known for its impressive market capitalization. It frequently ranks among the top five cryptocurrencies when measured by market capitalization, and it is the most widely circulated stablecoin, underscoring its importance within the cryptocurrency sector.

Tether content tether1

Who created Tether?

Tether is administered by a company called Tether Limited, which is controlled by the leadership of JL Van Der Velde, the CEO, Giancarlo Devasini, the CFO, and Stuart Hoegner, the General Counsel. The coin was brought to life by the team behind Bitfinex, a leading cryptocurrency exchange.

Tether’s Mechanism of Operation

Initially, Tether was designed to operate on the Omni Layer protocol, which is built on the Bitcoin blockchain. This original version of Tether benefits from the inherent stability and security of Bitcoin’s blockchain network, the most established blockchain in existence.

However, to boost its adoption rate, Tether was introduced to the Ethereum blockchain in September 2017 as an ERC20 token. Today, the Ethereum version of Tether is the most widely used.

Presently, Tether exists on multiple platforms: Ethereum, Tron, EOS, Liquid, and Algorand. For a comprehensive breakdown, refer to Tether’s Transparency page. On 20th March 2020, Tether expanded its reach to the Bitcoin Cash network via the Simple Ledger Protocol.

Maintaining the 1:1 USD Peg

Tether holds a one-to-one collateral ratio to maintain the USDT peg. According to Tether Limited, every USDT circulating in the market is 100% backed by actual fiat currency held in their reserves. The company regularly updates their balances on their Transparency page.

Here is a simplified explanation of Tether’s fund flow process:

Tether content tether2

  1. User deposits fiat currency: This fiat goes into Tether Limited’s bank account.
  2. Tether issuance: Tether Limited generates an equivalent amount of Tether and credits the user’s account. This implies that for every fiat currency deposited by the user, an equal amount of Tether is issued (e.g., 500 USD deposited = 500 USDT issued)
  3. User transacts with USDT: The user is then free to transfer, exchange, or store USDT.
  4. User deposits USDT for redemption: The user deposits USDT with Tether Limited to redeem it into fiat currency.
  5. Tether destruction and fiat transfer: Tether Limited destroys the returned Tether and transfers fiat currency to the user’s bank account.

Purpose of Tether

Stable Currency

Tether transforms the US Dollar, a fiat currency, into a stablecoin that can be transacted with more ease across the blockchain, when compared to regular fiat transactions.

Widespread Acceptance

Tether is widely accepted across major cryptocurrency exchanges. This is because its stability relative to the USD makes calculating profits and losses easier for traders. This widespread acceptance facilitates seamless movement of USD holdings among wallets and exchanges for users.

How to Acquire Tether?

To purchase Tether with USD, you can look at exchanges offering USDT/USD trading pairs. You can also acquire USDT with other fiat currencies such as Euro (EUR), Korean Won (KRW), and Thai Baht (THB) by using the respective trading pairs (e.g., USDT/KRW).

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