The origin of Tether
Tether (USDT) is a U.S. dollar-pegged stablecoin launched by Tether in 2014 to provide a cryptocurrency with a value comparable to that of fiat currency. The main uses of Tether include: as a stable value medium for transactions, convenience of legal currency transactions, low cost of international remittances and collateral for loans and borrowings.
The origin of Tether
What is Tether?
Tether (USDT) is a stablecoin based on blockchain technology whose value is pegged to the U.S. dollar and aims to provide a cryptocurrency with a value equivalent to that of fiat currency.
The origin of Tether
Tether was launched in 2014 by Tether, a company headquartered in Hong Kong. Initially, Tether was called Realcoin and later changed its name to Tether.
Mechanism of Tether
Tether is pegged to the U.S. dollar, meaning that the Tether company claims to hold U.S. dollar reserves equal to the number of Tether coins in circulation. When a user purchases Tether, the Tether company deposits the corresponding U.S. dollars in a bank account. When users sell Tether, Tether releases the corresponding USD from its reserves. This mechanism is designed to ensure that the value of Tether remains stable around $1.
Uses of Tether
The main uses of Tether include:
- Stable value:Tether is Cryptocurrency trading provides a medium of stable value, making it the preferred choice for storing value and hedging against the volatility of the cryptocurrency market.
- FIAT TRANSACTION: Tether allows users to conduct cryptocurrency transactions without converting fiat currencies into cryptocurrencies.
- International Remittance: Tether is a fast and low-cost way to send money internationally because it can be transferred across borders without incurring high transaction fees.
- Loans and Lending: Tether is used as collateral on cryptocurrency lending and borrowing platforms.
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