Tether is a debated cryptocurrency with tokens issued by Tether Limited. It formerly claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. Tether current market cap is around 28 Billion with a 124 Billion volume in 24 hours.
Ticker symbol: USDT
What is tether used for?
Tether was specifically designed to build the required bridge between the fiat currencies and cryptocurrencies and offer steadiness, transparency and nominal transaction charges to users. It is pegged against the U.S. dollar and upholds a 1-to-1 ratio with the U.S. dollar in terms of value.
Who uses the tether?
According to reports Tether used in between 40 to 80 percent of all transactions on the exchanges Binance and Huobi, the latter of which now offers loans based on USDT collateral. But since this asset is favored among over-the-counter (OTC) traders, official exchange volumes hardly paint a complete picture.
Tether USD (USDT-USD)
|Day’s Range||1 – 1.002|
|52 Week Range||0.8995 – 1.0848|
How does tether make money?
Tether itself doesn’t make money, on the contrary it loses money. (buying or selling crypto at a loss, paying banks the interest rate) It was created by Bitfinex with intent of manipulatively increasing trading volume and profits made by the fees.
Is tether a good investment?
Based on market forecasts, the Tether (USDT) is a profitable investment. Most estimates indicate USDT will offer a good return in 3 to 6 years, which makes it a strong long-term investment. If you are after a stable asset to store value in, this is one of the best in the cryptocurrency market.
Due to its dollar peg, Tether and other similar cryptocurrencies have been dubbed “stablecoins”. Tether is the major stablecoin by market capitalization and its users can redeem tethers for dollars. Originally, Tether launched on Bitcoin’s Omni Layer, but continues to expand to other protocols, including Ethereum, Bitcoin Cash, TRON, EOS, and Liquid Network.