Tether (USDT) USD Price

Tether Price Data

Tether (USDT) currently has a price of $1.00 and is down -0.026% over the last 24 hours. The cryptocurrency is ranked 3 with a market cap of $110.9B. Over the last 24 hours, it saw $38.4B of trading volume. The token has a circulating supply of 111B tokens out of a total supply of 111B tokens.

Tether (USDT) is a cryptocurrency that functions as a stablecoin, aiming to maintain a value equivalent to that of the United States dollar. It operates on the multiple blockchains and is designed to facilitate easy conversion between digital and traditional fiat currencies.

Unique features of Tether:

Stablecoin

Tether stands out from other cryptocurrencies because it operates as a stablecoin. Unlike Bitcoin and Ethereum, which often experience price fluctuations, Tether's value remains stable. This stability is achieved by ensuring that each USDT token issued is backed by an equivalent amount of fiat currency or equivalents held in reserve. For investors and traders, this stability provides a safe haven during times of market volatility, reducing the risk of losing value.

In addition to being a secure store of value, Tether's stability also makes it useful for facilitating transactions. Unlike traditional fiat currencies, which can be subject to restrictions and delays when transferring across borders, Tether allows for quick and borderless transactions with minimal fees. This makes it popular among traders who need to move funds between cryptocurrency exchanges and individuals who want to send money internationally. Overall, Tether's stability as a stablecoin addresses the volatility and uncertainty that is often associated with traditional cryptocurrencies. It provides a store of value and a reliable medium of exchange within the cryptocurrency ecosystem.

Backed by fiat currency equivalents

Unlike most cryptocurrencies, Tether ensures that for every USDT token in circulation, there is an equivalent amount of US dollars or equivalents such as US Treasurys held in reserve. This distinctive feature aims to provide stability and reduce the volatility commonly associated with cryptocurrencies. The main purpose of Tether is to serve as a stablecoin, addressing the challenge of price fluctuations faced by traditional cryptocurrencies like Bitcoin. By maintaining a stable value equivalent to the US dollar, Tether becomes a valuable tool for traders and investors who seek to hedge against volatility or swiftly move their assets into a stable form during uncertain market times.

Wide adoption and liquidity

Since Tether is widely accepted, traders have access to a liquid market, making transactions smoother and minimizing slippage. The ability to quickly convert Tether to other digital assets or fiat currencies allows for seamless trading and reduces the risk of holding illiquid assets. Its acceptance across various platforms and exchanges enhances its usability and accessibility, contributing to its popularity.

Facilitates instant and low-cost transactions

Unlike traditional banking systems, which impose high fees and lengthy processes for international fund transfers, Tether allows users to conduct transactions quickly and inexpensively. Leveraging blockchain technology, Tether enables near-instantaneous transfers across borders, eliminating intermediaries and reducing costs and delays. This real-time settlement capability enhances efficiency and streamlines global commerce.

When was Tether created or founded?

Tether was created in November 2014. Initially, it was created on the Bitcoin blockchain, but later it transitioned to other platforms like the Ethereum and Tron blockchains. Tether was launched as a stablecoin with the aim to provide users with a digital version of traditional currencies, offering stability in value through its pegging to fiat currencies like the US dollar. Since its inception, Tether has become one of the most widely used stablecoins in the cryptocurrency market.

Who are the founders of Tether?

Tether was founded by Brock Pierce, Reeve Collins, and Craig Sellars. Former child actor Brock Pierce is a prominent entrepreneur and venture capitalist in the cryptocurrency industry, known for his involvement in various blockchain projects and co-founding companies like Blockchain Capital and EOS Alliance. Reeve Collins, another experienced entrepreneur, has founded multiple technology companies, including Tether. Craig Sellars, a software engineer, has played a significant role in developing Tether's technology. Tether is now run by CEO Paolo Ardoino.

What are some notable events in the history of Tether?

• October 2014: Tether (USDT) is launched as a cryptocurrency token on the Omni layer above the Bitcoin blockchain.
• December 2017: Tether surpasses $1 billion in market capitalization.
• January 2018: Tether cuts ties with its auditor, Friedman LLP, leading to further skepticism about its reserves.
• October 2018: Tether's market capitalization reaches $2.8 billion.
• November 2018: Tether announces a partnership with Deltec Bank.
• April 2019: The New York Attorney General's office accuses Tether of covering up an $850 million loss by using funds from its sister company, Bitfinex.
• February 2021: Tether reaches a settlement with the New York Attorney General's office, agreeing to pay an $18.5 million fine and provide regular reports on its reserves.
• June 2021: Tether's market capitalization surpasses $60 billion, making it one of the largest cryptocurrencies by market value.