11, Nov
What Is Tether (USDT)?
Tether (USDT) has become one of the most well-known and common stablecoins in the crypto market. Due to its consistency and ability to keep a consistent price versus the US dollar, it has become extensively used. However, what is Tether and how does it operate? In this article, we'll dig into Tether's ins and outs to examine how it came to dominate the crypto market.
About Tether (USDT)
Tether is a cryptocurrency that is pegged to the US dollar at a 1:1 ratio. To put it simply, a one-to-one exchange rate exists between the US dollar and the cryptocurrency Tether. An equivalent number of US dollars is held in reserve for each USDT that is in use. Tether is therefore a great choice for traders who wish to steer clear of the volatility sometimes linked to other crypto because its value is intended to be constant.
Tether was founded in 2014 by a group of Hong Kong-based entrepreneurs. The objective was to develop a crypto that would enable quick currency exchange without the use of existing financial institutions. The intention was to create a more stable and secure currency that would be less susceptible to fluctuation as compared to existing crypto.
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