Tether
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What is Tether (USDT)
Tether was launched to facilitate the use of fiat currencies, digitally, and is now one of the most widely used stablecoins in the crypto space. A stablecoin is a cryptocurrency that’s price is tied 1-1 to a fiat currency such as US Dollars, Pound Sterling or Japanese Yen. Tether (USDT) is a pioneer of stablecoins and is tethered to the US Dollar meaning 1 USDT is always equal to $1. Tether achieves this price consistency by matching a reserve of US Dollar equivalents to the amount of USDT tokens in circulation.
Since Tether’s inception in 2014, it has become more vastly traded across the world and is currently supported by over 7 blockchain networks. It was initially built on Omni, Bitcoin’s protocol layer, and is now supported by major networks such as Ethereum, Tron and Solana, making USDT a widely adopted cryptocurrency.
Major cryptoassets such as Bitcoin, Ethereum and Cardano are commonly found paired with USDT when traded on a variety of exchange platforms. Through being pegged to the US Dollar, some investors are inclined to ‘stabilise’ their cryptoassets against price movement by trading their crypto into USDT – knowing that the value will remain tied to an amount of US Dollars. For a more active trader, they would place their trades around the price movement to generate profits and avoid losses. For instance, once the price of the desired asset goes down, the investor would then trade their USDT back into the desired asset so that they would have a larger amount of coin for the amount initially invested.
Where to trade Tether (USDT)
Tether is one of the most frequently traded stablecoins as many assets are typically traded against USDT. Tether is available to buy, sell and trade on many platforms, and checkout the table below to compare the most popular exchanges.
| Name | Number of Assets | Trading Fees | Mobile App | Website | |
|---|---|---|---|---|---|
 | Coinbase | 30 | < 1.49% | Yes | |
 | Binance | 600+ | <0.1% | Yes | |
 | Nexo | 59 | <0.5% | Yes | |
 | Kucoin | 700+ | <0.1% | Yes |
Roadmap
2014 – Tether was Founded
Tether was first founded in 2014 by Brock Pierce, Craig Sellars and Reeve Collins when they created Tether (USDT), formally named “Realcoin”, that intended to remain fixed to a 1-1 ratio with the US Dollar. Originally built on the Omni layer of the Bitcoin network, Tether pioneered fiat-collateralised stablecoins.
2018 – Supported on the Ethereum Network
With the introduction of ERC20 tokens on the Ethereum network in 2017, Tether became supported via the network in early 2018. USDT was then more accessible and traded by more users, significantly increasing its popularity and adoption.
2019 Onward – Worldwide Adoption and Usage
Since 2019, USDT became supported by many more major blockchain networks including Tron, EOS, Algorand, OMG Network and many more. Tether has also branched out into implementing different stablecoins such as Tether Gold (XAUT) which is pegged to the price of Gold.
Tether Wallets
There are many ways to store Tether both online and off.
Hot wallet: You can often store cryptocurrency on exchanges where it is sold. Other providers offer standalone online storage. Such solutions provide access through a computer browser, desktop or smartphone app.
Cold wallet: An encrypted portable device much like a USB drive that allows you to download and carry your Tether.
Metamask
Ledger
ExodusBlockchain & Technology
Tether (USDT) is supported across multiple blockchain networks including Ethereum, Tron, Avalanche, Solana, Polygon and more. The open-source software behind Tether interfaces with these blockchains to allow the issuing and redemption of the digital tokens. This means you can store, send and receive USDT in a variety of different wallets and platforms. When you send/receive USDT, always ensure you send the coins via the same network as the receiver/sender – for instance, if you are storing your USDT in an Ethereum-based wallet, you would send the USDT via the Ethereum (ERC20) network to the receiver’s Ethereum wallet address.
You may wonder how the price of USDT remains the same as the US Dollar – Tether does this by matching the amount of USDT in circulation to the same amount of dollars in reserves. Tether assures its users that each USDT token is 100% backed by reserves of traditional currency, cash equivalents and other assets, and that the total circulation of tokens is always less than or equal to this amount in reserves. You can view these comparisons on Tether’s Transparency Page.
Staking with Tether
There are many platforms that support the staking of Tether (USDT). Checkout the list below to find the best platforms to start earning rewards!
Summary
Tether is one of the most widely adopted stablecoins in the crypto ecosystem, traded and circulated around the world every second. There are 100s of platforms that utilise USDT and many more are adopting the use of Tether each day. With USDT being pegged to the US Dollar, it is a common cryptoasset for investors to hold if they do not want to be exposed to price movement. Many cryptoassets are traded against USDT as you can quickly see the corresponding fiat value of the cryptoasset. As Tether is a stablecoin backed by reserves, these reserves must remain the same or greater than the amount of USDT in circulation for the tokens to truly be equal to $1. As a beginner or seasoned-trader, Tether is a great asset due to being traded against most cryptoassets and it avoids volatile price movement.