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What is Tether token (USDT)

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7 months ago

Tether is one of the most recognised cryptocurrencies right after Bitcoin and Ethereum. It is the most popular token belonging to the group of so-called stablecoins, i.e. cryptocurrencies tied to, for example, the dollar in a 1:1 ratio.

This is exactly the case with Tether. It always aims for a price of one dollar and Tether Ltd. declares that each Tether token is backed by the US dollar. It is built on the BitCoin blockchain using the Omni Layer platform. Some USDT tokens also exist in the form of ERC-20 contract i.e. in the Ethereum environment making it a very popular intermediary for transactions.

Tether's capitalisation at the time of writing is just over $62 billion and is currently ranked third on CoinMarketCap.
Due to the cryptocurrency's very high volume, it is a great alternative to regular currency on all sorts of exchanges. Due to the fact that the price of Tether is 1 dollar, we can easily trade it for BTC or ETH without worrying about high transaction fees as in the case of national currencies.

Having such a stablecoin in your portfolio allows you to be one step ahead as it has many key features in cryptocurrency trading. It provides a 1:1 ratio with USD being a stablecoin, it is available on many different blockchains, moving funds between exchanges and wallets is extremely easy and it allows you to trade on cryptocurrency-only exchanges.

You can purchase the Tether token on Binance, Huobi or Bittrex, among others. The official Tether website can be found at this link.

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