What Is Tether (USDT)?
Tether is a fiat-pegged stablecoin that runs on the Litecoin blockchain. USDT is Tether’s U.S. Dollar-backed stablecoin. Tether has been the center of a lot of controversy in cryptocurrency because of its inability to prove liquid assets capable of covering losses and allegations of market manipulation due to ties to crypto exchange Bitfinex.
Who Is Tether?
Tether is owned by parent company iFinex Inc., the same parent company as Bitfinex. It was originally created on the Bitcoin blockchain before being migrated to Litecoin’s Omni layer.
Use Cases of Tether
Stablecoins like Tether are useful for mitigating risk of a volatile cryptocurrency market. Crypto and fiat values are constantly fluctuating in relation to each other. Digital money is completely changing the way we view macroeconomics and microeconomics.
USDT is useful for facilitating cash exchanges, transfers, and even storing value.
How to Mine Tether
USDT is not mineable. It is purchased by depositing U.S. Dollars, and it is burned when those dollars are withdrawn. The value is rarely exactly $1, instead fluctuating between $0.95 and $1.10
There’s no maximum supply of USDT, and it reached an all-time high value of $1.21 on May 27, 2017, according to CoinMarketCap.
Learn More About Tether
If you want to learn more about Tether, BlockGeeks has the most comprehensive guide on this stablecoin. Check out the BlockGeeks Tether Intro Guide here.
Otherwise, check out this intro to Mother of All Chains (MOAC).