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More about Tether USDT

Tether (USDT)

Issued by the Hong Kong-based company Tether, a sister company to Bitfinex and subsidiary of iFinex, USDT is a stablecoin pegged to the value of the U.S. dollar. Initially launched as Realcoin, a ‘layer-2 coin’ that ran on top of Bitcoin, it was renamed to USTether before finally settling on USDT.

Tether was soon updated to function on the Ethereum blockchain as an ERC-20 token and later adapted to run on EOS, Algorand, and OMG. Stablecoins like USDT are traded at a fixed value on exchanges, but Tether’s value has been known to fluctuate from time to time.

The cryptocurrency market is volatile, so much that fortunes can become worthless in a matter of hours. While Tether hardly ever experiences fluctuations beyond a few cents, there have been brief instances of severe volatility, with one causing the market to trade the token as low as $0.88.

Having a centrally controlled supply, Tether mints USDT whenever needed, promising a 1:1 backing with real U.S. dollars in exchange for the tokens. In 2019, Bitfinex was accused by the New York Attorney General of using Tether’s funds to cover-up $850 million in funds that were missing since 2018.

While the company has been shrouded in controversy regarding the validity of its 1:1 backing claim, USDT is still the most popular stablecoin in use and the fourth-largest cryptocurrency by market capitalization. Its utility in trading is invaluable, allowing investors to quickly exit the volatile crypto markets into a stable position without cashing out into a fiat currency.

Tether currently has a market capitalization of nearly $20 billion.

 

Kriptomat offers the lowest possible market USDT price in euros (USDT to EUR).

Check out how to buy Tether on Kriptomat.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with Kriptomat or any of its affiliates and Kriptomat is not responsible for its content. This content and any information contained therein, does not constitute a recommendation by Kriptomat to buy, sell and store cryptocurrencies.