Tether coin (USDT)
What is Tether coin?
Tether coin (USDT) is a cryptocurrency the value of which is fixed 1:1 by the US dollar.
Official website: https://tether.to/
The idea behind this coin - how to create a “stable coin” which is immune against price fluctuation, but, at the same time, does not lose the characteristic features of cryptocurrency. Tether was created in 2015, and at the beginning, it was called “Realcoin”. At the moment, USDT Market cap is $2,285,704,489 USD according to the results of Coinmarketcap.com. See more: https://coinmarketcap.com/currencies/tether/ (Tether coinmarketcap results). USDT is based on the Omni Platform. Omni Platform is used for different digital assets, which are connected to the BTC blockchain. Tether, at the moment, supports US Dollars (USD), Euros (EUR), and soon Japanese Yen (JPY) will be added as well. Tether cryptocurrency platform currencies are marked as USD₮, EUR₮ and JPY₮.
Creators & Location
Tether is founded by Tether Limited. Tether Limited is located in the British Virgin Islands (according to the information from the New York Times). According to the information from the Tether’s website, the company is incorporated in Hong Kong, with offices also in Switzerland. The Tether management team includes some team members which work under Bitfinex as well, for example, Jan Ludovicus van der Velde (CEO), Philip Potter (the chief of the strategy).
Who are the Tether main users? And why?
Well, one of the categories definitely will be professional cryptocurrency traders who will use Tether as alternative for USD. Tether will guarantee the USD value, at the same time, it keeps cryptocurrency advantages (zero-fees, fast transaction speed). During the period when Bitcoin price is swinging, the Tether’s (stable coin) properties play a big role in trading strategies.
One more category - digital currency exchanges. Not all banks are interested to cooperate with cryptocurrency projects and to work with cryptocurrency because of its “swinging” nature. Tether is one of the solutions for these complicated relations. USDT offers a stable alternative, offering the low volatility.
One more thing. Also, not all cryptocurrency exchanges, projects are interested to keep USD bank account. Work with USD bank accounts is complicated (with lot of obligations, responsibilities).
- Fixed value (1 USDT coincides with 1 USD);
- Transaction commission between Tether users 0%;
- Fast transaction speed (normally a few minutes);
- Free wallet;
- Tether offers API support.
USDT advantage against USD. As we know, USD transfer can take time from 1 to 4 days, while USDT transfer time will be some minutes. At the same time, for example, SWIFT transfer Fee will be between 20 to 30 USD, while USDT transfer Fee will be - 0%. For example, for arbitrage traders these elements (speed and transaction fee) play main role.
Buy and Sell Tether on XMLGold (online digital currency exchange)
At XMLGold (online currency exchanger), you will be able to buy, sell or convert Tether in many different e-currencies, cryptocurrencies, for example: Bitcoin, Perfect Money, Advcash, Payeer, Epay, Wire Transfer, Sepa Transfer, Perfect Money voucher, Litecoin, Ex-code, Wex code, Ecoin code, XMLToken etc. Or you can withdraw your money through XMLGold Prepaid Card at ATM.
The related articles: