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What is Tether?
Released in the Bitcoin blockchain using the Omni Layer protocol, Tether (USDT) is an asset token designed to be used as a gateway between fiat and cryptocurrency. Each Tether has a face value equivalent to the value of one US dollar, i.e., USDT is pegged to the US dollar. To ensure that the value of one USDT always matches the value of one US dollar, for each issued USDT, an asset of equivalent value should belong to Tether Limited. Tether Limited is the state registered company responsible for the release of Tethers. USDT can be bought and redeemed through Tether Limited. Important Note: Each issued USDT is presented as a commitment to Tether Limited.
Tether belongs to a new generation of cryptocurrencies called stable coins, which seeks to maintain a stable cryptocurrency valuation, in contrast to the wide fluctuations in prices observed in other popular cryptocurrencies such as Bitcoin and Ethereum. This would allow using it as a means of exchange and a way of storing value, and not as a means of speculative investment.
Tether was specifically designed to create the necessary bridge between fiat currencies and cryptocurrencies and ensure stability, transparency and minimal transaction costs for users. It is pegged to the US dollar and maintains a 1 to 1 ratio with the US dollar in value terms. However, Tether Ltd. It does not provide any guarantees for the redemption or exchange of Tethers for real money, i.e. Tethers cannot be exchanged for US dollars.
According to CryptoCompare, quoted by The Wall Street Journal, 80% of all bitcoin trading is done in Tether, and a stable coin is the main source of liquidity for the cryptocurrency market.
Possibilities of using Tether
Tether is a transit between fiat and cryptocurrency. USDT can be freely sent, received and stored as a 1-to-1 backup digital currency on all integrated exchanges, platforms and wallets. It can be placed on crypto exchanges as an acceptable alternative to paper currencies. But above all, Tether can be used to eliminate currency risks.