As a stablecoin, Tether (USDT) is designed to maintain a constant value, with each token pegged to the US dollar at a 1:1 ratio. Therefore, unlike other cryptocurrencies, the price of Tether should always be around $1. However, considering its -0.03%, the price currently sits at approximately $ 1.00.
Tether (USDT) is a type of cryptocurrency known as a stablecoin, designed to mimic the value of the US dollar. The goal of Tether and other similar stablecoins is to provide a digital version of fiat currency that maintains stability in an otherwise volatile crypto market. Tether accomplishes this by "tethering" each digital coin in circulation to an equivalent amount of national currencies held in reserve, like the US dollar, Euro, and Yen.
Tether Limited, a company incorporated in Hong Kong and governed by the laws of the British Virgin Islands, issues Tether. The CEO of Tether Ltd. is Jan Ludovicus van der Velde, who also leads the Bitfinex cryptocurrency exchange.
Tether works by facilitating the exchange between fiat currencies and cryptocurrencies on various crypto platforms. It allows you to transfer your fiat currency into digital form swiftly and economically, providing you with the liquidity to trade on exchanges that typically have strained relationships with banks. Once your currency is in Tether, it can be easily used to purchase Bitcoin and several other cryptocurrencies on exchanges like Bitkub, KuCoin, CEX.io.
The primary distinguishing factor for Tether is its stability. Unlike other cryptocurrencies, whose value fluctuates wildly and frequently, Tether's value is pegged to the US dollar. This eliminates the price volatility typical of other cryptocurrencies and offers a digitally equivalent to the US dollar. Therefore, it is commonly used for securing assets during periods of market volatility and as a means of portfolio diversification.
As of now, the circulating supply of Tether is approximately 97.9B. This number represents the number of Tether tokens actively available in the market for buying and selling.
Tether claims to back each token with an equivalent amount of national currency reserves, which helps secure its value. This assertion has been the subject of a lot of controversies and extensive auditing, but Tether Limited maintains that all USDT tokens are 100% backed by their reserves.
Tether can be purchased on many popular cryptocurrency exchanges. Just a few of them listed on our site include Bitkub, KuCoin, CEX.io. Typically, you can trade fiat currency or other cryptocurrencies for Tether.
Securing your Tether involves transferring them to a secure wallet. Remember, while Tether does not charge transaction fees, other wallets or exchanges may do so. Also, when converting USDT to USD through the Tether platform, a small fee is applicable. It's crucial to choose a high-security wallet and be vigilant about potential phishing attacks. As always, never share your private keys with anyone.
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