Tether is a cryptocurrency and is designed to follow fiat currency. USDT is Tether’s stablecoin version of the US dollar and similarly, there is the other currencies version including gold and euro. Every tether coin needs to be exactly worth one unit of the specific fiat currency it represents.
Let’s understand USDT features and the Tether wallet. You can visit ZenGo X to gain more knowledge about the different cryptocurrencies or get your USDT [Tether] wallet for free.
Features of USDT [Tether]
USDT’s key feature is it introduces fiat currency stability into the blockchain system. Therefore it is useful to transfer or store its value because its price is the same. Owners don’t have to be concerned about losing their purchase power. Other popular cryptocurrencies like Bitcoin, Ethereum, and more are volatile and their value depends on supply and demand. Alternatively, USDT value is worth one dollar as intended.
Tether Limited Company claims to hold assets that are equivalent to its currency’s total outstanding market value. It means it has a highly liquid investment asset tied with every USDT in circulation.
For those who trust Tether claims, USDT tokens are a great option for regular USD [fiat dollar] for multiple payments including trading crypto and international remittances without converting into dollars. Unfortunately, there are a lot of controversies associated with Tethers’ assets and their motives. You need to get familiar with them before going all in to USDT payments.
In the crypto trade market, Tether can be bought or sold like any other currency using blockchain technology. Choose a crypto exchange that supports stablecoin USDT.
How to purchase Tether USDT?
Tether stablecoin works on many blockchains. The easy way to buy Tether is via a crypto exchange that supports it. In general, Tether is accessible at the majority of crypto exchanges. Don’t pay more than one dollar per USDT token.
As Tether is tied to multiple blockchains and used widely, you gain lots of wallets option to store tether. It includes –
- Software wallet
- Hardware wallet
- Paper wallet
If you need quick access to sell and buy then keep your Tether wallet connected to a crypto exchange. A hardware wallet is the safest storage option in comparison to long-term storage.
The processing time of USDT is generally 2 minutes. Tether networking fees are determined by the blockchain technology used.
Tether has a complex history
Tether is a cryptocurrency that has been involved in plenty of controversies. It is closely entwined with the cryptocurrency exchange Bitfinex and it is suspected that Tether is involved in Bitcoin price manipulation. Bitfinex and Tether were investigated. Both were charged with misleading investors and allegations of covering up missing funds. Both agreed to pay penalty and settle the matter without any admission or denial of the charges.
How does Tether stay at $1?
Keeping prices stable and staying connected with fiat currency means every tether coin is supported by a genuine US dollar in the financial reserve of the Tether Limited Company.
Tether has experienced many controversies and penalties but has been helpful to worldwide traders. It still maintains the third position in the cryptocurrency landscape after Bitcoin and Ethereum. Traders can use USDT without concern because it stabilizes the volatility of cryptocurrency values in the trade market.