Tether (USDT) traded 0% higher against the dollar during the one day period ending at 0:00 AM E.T. on January 24th. Over the last week, Tether has traded up 0% against the dollar. Tether has a total market cap of $66.87 billion and approximately $36.04 billion worth of Tether was traded on exchanges in the last day. One Tether token can currently be purchased for $1.00 or 0.00004409 BTC on major cryptocurrency exchanges.
Here’s how similar cryptocurrencies have performed over the last day:
- Aidi Finance (BSC) (AIDI) traded 9% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
- Zoo Token (ZOOT) traded down 4.3% against the dollar and now trades at $0.0590 or 0.00000261 BTC.
- CareCoin (CARES) traded 4.3% lower against the dollar and now trades at $0.0732 or 0.00000324 BTC.
- OmniaVerse (OMNIA) traded up 2.7% against the dollar and now trades at $0.0020 or 0.00000009 BTC.
- Kitty Inu (KITTY) traded down 4.3% against the dollar and now trades at $90.62 or 0.00400651 BTC.
- Lunar (LNR) traded up 5.1% against the dollar and now trades at $0.0286 or 0.00000127 BTC.
- Hokkaidu Inu (HOKK) traded 2.8% lower against the dollar and now trades at $0.0005 or 0.00000002 BTC.
- QANplatform (QANX) traded 4.3% lower against the dollar and now trades at $6,361.15 or 0.28122715 BTC.
- 2G Carbon Coin (2GCC) traded 0.3% lower against the dollar and now trades at $135.02 or 0.00596925 BTC.
- Lego Coin (LEGO) traded up 3% against the dollar and now trades at $0.0415 or 0.00000183 BTC.
Tether’s launch date was October 6th, 2014. Tether’s total supply is 73,141,766,321 tokens and its circulating supply is 66,854,376,800 tokens. Tether’s official Twitter account is @tether_to and its Facebook page is accessible here. The official website for Tether is tether.to.
According to CryptoCompare, “What is USDT?Tether (USDT) is what’s known as a stablecoin, meaning a digital currency that attempts to offer investors price stability through a mechanism that allows it to remain pegged to the value of a specific asset. In USDT’s case, its value is pegged to that of the U.S. dollar.Stablecoins often represent a blockchain-based version of fiat currencies or commodities and allow investors to escape the volatility the cryptocurrency market is known for. Several companies and decentralized finance (DeFi) projects offer stablecoin-related services, including lending and borrowing.USDT is issued by a centralized entity and isn’t mineable. The entity behind the stablecoin can freeze the balance of addresses on the Ethereum network, and has done so on a number of occasions in response to law enforcement requests and international sanctions.Who Created USDT?USDT is one of various stablecoins launched by a company called Tether, which has issued a number of other cryptocurrencies pegged to the value of fiat currencies, including to the Chinese Yuan and to the Euro. The company also offers a gold-backed token called Tether Gold (XAUT).Tether was launched as RealCoin back in July 2014, and rebranded to its current name in November of that year. Tether’s most popular stablecoin is USDT, and it was originally launched on the Bitcoin blockchain.USDT is now supported on a number of blockchains, including Bitcoin's Omni and Liquid protocols, Ethereum, TRON, EOS, Algorand, Solana, OMG, Polkadot, Avalanche, and Bitcoin Cash’s Standard Ledger Protocol.Tether’s adoption has been so great that as of September 2022, it’s the third-largest cryptocurrency by market capitalization, behind only Bitcoin (BTC) and Ethereum (ETH). Tether dominates the stablecoin market, with its largest competitors being USD Coin (USDC) and BinanceUSD (BUSD).How Does USDT Stay at $1?Stablecoins use a variety of methods to maintain their peg to the value of the assets they represent on the blockchain. While government-issued fiat currencies remain stable through monetary policy enacted by central banks, stablecoins reach their stability through other systems.These systems can be as simple as having collateral to back up redemptions of their token for the asset. Other systems include being overcollateralized with cryptocurrencies, using algorithms to maintain the peg, and using seigniorage and adjusting their supply as necessary.Tether’s USDT is backed by reserves in cash and cash equivalents, allowing token holders to redeem their USDT for USD. Tether gold, for example, is backed by physical bars of gold. By allowing redemptions, USDT’s value remains at $1.During periods of heightened market stress USDT’s peg to the U.S. dollar has been lost, but it has ended up recovering over time.What is USDT Used For?USDT is a widely adopted stablecoin with a variety of use cases. The cryptocurrency is used to bridge the gap between cryptocurrency markets and the traditional financial system, with many preferring to use cryptocurrency debit cards filled up with USDT because the stablecoin is based on a blockchain.Being blockchain-based means that USDT can be easily transferred to any address, at any time for a very low transaction fee. Thanks to DeFi protocols and exchanges’ savings programs, many cryptocurrency users also save using USDT and other stablecoins.USDT is also used as a payment method at thousands of merchants throughout the world. Its primary use case is arguably to help minimize volatility in an investor’s portfolio, and as a safe haven during periods of extreme market volatility.”
Buying and Selling Tether
It is usually not currently possible to buy alternative cryptocurrencies such as Tether directly using US dollars. Investors seeking to trade Tether should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, GDAX or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to buy Tether using one of the aforementioned exchanges.
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