As a stablecoin, Tether’s appeal is in its tethering or pegging to fiat currency. Stablecoins’ utility is in their relative stability, as opposed to more traditional crypto assets. This is likely thanks to a steady rise in its trading volume and the cryptocurrency markets’ overall advancement. However, the coin has experienced far less volatility since early 2019. Especially in its early days, the price of USDT has been somewhat volatile, even reaching $1.2 at some point.
Tether has gone on to experience both successes and controversies. It’s also issued on several other blockchains, including TRON, EOS, Algorand, Solana, and the OMG Network. In fact, as you can see on the chart below, most of its supply exists on Ethereum as an ERC-20 token. USDT was originally issued on the bitcoin protocol through the Omni Layer, but it has since then migrated to other blockchains as well.
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It was originally released in 2014 under the name Realcoin by Bitcoin investor Brock Pierce, entrepreneur Reeve Collins, and software developer Craig Sellers. Tether (USDT) is the world’s first stablecoin (a cryptocurrency that mimics the value of a fiat currency). But what is Tether, and how can it be useful to you? What is Tether (USDT)? In addition, it often ranks as the coin with the highest daily trading volume, even surpassing Bitcoin. As of December 2020, Tether is ranked as the world’s fourth-largest cryptocurrency with a market cap of almost $20 billion, trailing only behind Bitcoin, Ethereum, and XRP. Tether is a key part of the cryptocurrency ecosystem.
Using stablecoins also removes the extra costs and delays of converting between crypto and fiat currencies. Like other stablecoins, USDT is useful for trading cryptocurrencies as it allows traders to avoid market volatility that is common to BTC and other crypto assets. The coin exists on many different blockchains and has experienced rising trading volumes and improved liquidity over the past few years. It was designed to hold a one-to-one value with the US dollar. Tether (USDT) is one of the most popular stablecoins out there.
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