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USDT - digital dollar

14 сентября 2022

Today, there are about one and a half tens of thousands of cryptocurrencies in the world, there are relatively young coins, and there are some that are more than 10 years old. Most of these cryptocurrencies have high volatility. Everyone has heard in the news how much Bitcoin has grown or the LUNA currency has fallen. Is there not a cryptocurrency in the world that will remain stable for a long time?

The investor Brock Pearce, entrepreneur Reeve Collins, and programmer Craig Sellers have taken up the problem. The result of their work in 2014 was a steablecoin called Realcoin, which was later renamed «Tether» (USDT)

Stablecoin is a type of cryptocurrency whose value is tied to a fiat currency (such as a dollar, euro) or physical asset (such as gold). Stablecoin can be bought or sold at any time at a fixed price. When a coin is exchanged for fiat money, steablecoin is withdrawn from circulation to avoid increasing emissions.

USDT was the worlds first steablecoin. It was designed as an asset backed by the US dollar against 1 to 1. Actual is the digital dollar and investors, after selling Bitcoin or ether preferred to replay the unrest in the markets it is, saving on commissions for withdrawing the asset to fiat.

According to investing.com, the market capitalization of USDT is $67.55 billion, it is the third most liquid coin after Bitcoin and Ethereum! As a result, the currency holds at 1USDT = $1.

As we have already noted, the difference between steablecoins and other cryptocurrencies is providing them with real money. When «Tether Limited» receives real dollars for its bank accounts, it creates a similar amount of USDT, and when it requests repayment, it destroys the corresponding amount of coins. 

«Tether» periodically invites independent auditing companies to confirm the correspondence of the amount of US dollars on accounts in Banks to the quantity of USDT tokens issued.

Lets list all the advantages of Tether over other cryptocurrencies:

  • stable rate of 1 to 1;
  • Transparency of emissions;
  • High level of stability;
  • Distribution across all blockchains;
  • High transaction speed
  • high liquidity on exchanges.
  • USDT has and cons:
  • USDT is subject to the same inflation as USD;
  • USDT has infrastructure risks due to centralized management;
  • The legislation did not give the status of Steablecoins (like all cryptocurrencies) as a means of payment.

You can buy Tether on any exchange, such as Bankoff.pro, in the section Exchange. You can store cryptocurrency directly in your wallet on the stock exchange, or transfer to any external online wallet, or buy a hardware wallet and carry USDT with you.  

The cryptocurrency USDT is developing rapidly and will soon be the second most popular, as it is used by investors to fix profits, store assets during market volatility, and as a means of paying for certain goods online. USDT has become a full analogue of the dollar in the world of cryptocurrencies, and as its fiat brother serves as a safe haven for money for entrepreneurs and investors from around the world.

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