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  • April 9th, 2021

    by Published on April 9th, 2021 15:24
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    In 2020, cryptocurrencies continue to show steady growth, but there is one that stands out with its unique function as both fiat and crypto coin combined— Tether (USDT).

    What is Tether (USDT)?

    USDT (₮), also known as Tether, is a stablecoin that has a value equivalent to 1 United States Dollar. It was originally known as “Realcoin” and was created by a company called Tether Limited in 2014. As a stablecoin, it has a fixed value which allows it to avoid the volatility of other cryptocurrencies.

    Tether is also a blockchain-based platform that monitors your deposited fiat money through a digital platform. It acts as a bridge for fiat and cryptocurrencies to coexist on a single platform whilst maintaining a stable value in the long run.

    There are three types of USDT you can buy:

    • Bitcoin USDT
    • Ethereum USDT
    • TRON USDT.

    These USDTs essentially have similar functions, but their transaction speeds differ based on what blockchain-based USDT you prefer using. Tether platform currencies include fiat money such as USD, Euros, and Chinese Yuan.

    Tether’s Goal

    It aims to serve as a bridge between fiat and cryptocurrency with a decentralised system to back it up. This means that the processing period is shorter because there is no third-party to interrupt the flow of transactions.

    Stablecoins are considered more accurate and secure because their value always stays equivalent to fiat money they represent. It grants users a way to avoid the constant volatility problem and directly transfer money with less hassle.

    Current Status of Tether

    USDT has a value equivalent of $1. Since its creation and launch onto the Bitcoin blockchain network, USDT is now available on 7 cryptocurrency networks, including Ethereum, TRON, Omni, EOS, Algorand, and Bitcoin Cash. This expanded network will in time allow the coins market value to grow substantially in time to come.

    Growth in 2020

    Various crypto platforms have predicted that USDT will maintain its value or steadily grow from 2020-2025. The mass adoption of digital currencies contributes to the growth of Tether as it continues to retain its 1:1 ratio with USD.

    In addition, USDT contributes to the adoption of cryptocurrencies across the world. The number of countries relying on stablecoins has increased resulting in more channels to fuel growth and harbour mass adoption.

    Top 5 advantages of using Tether

    1. Stability

    Tether’s key feature is its stability and hence ability to eliminate volatility within the crypto sphere. It has maintained its $1 status over the years and aims to keep it consistent. You can instantly convert your money into Tether and it will retain its original value with no fees required.

    One of the main reasons for its stability is the Bitcoin blockchain it was built on. The Bitcoin blockchain is known for its strong security and encryption technology, used to protect the details of any transaction that goes through its system.

    In order to expand its utility, Tether has now been launched in different blockchains as well.

    Platforms you can trade Tether on have been expanded to various networks including Bitcoin Ethereum and TRON.

    2. Fiat Equivalent

    Every Tether purchase you make will always be equivalent to the fiat money you trade it for. There are no third-parties to add fees to your transactions, so you'll get back the same amount you deposited. You won’t have to worry about the coin's value changing either because it’ll roughly be the same over time due to its built in stability!

    3. Transparency

    Tether keeps you updated about its value on their official website. It uses Proof of Reserve to show that USDT tokens are 100% backed up by the United States reserve and the company behind the coin conducts rigid KYC protocols.

    4. Security

    Since Tether operates on a blockchain network, it is heavily protected by cryptography guaranteeing locktight security. Blockchains are the safest place for your transactions due to their high-level security measures and protection against malicious activity. The coin can be safely stored in various digital wallets online!

    5. Contribution Worldwide

    Many countries face the issue of fluctuating fiat currencies and have turned to cryptocurrency as a solution. Using stablecoins can greatly impact a country’s economic growth due to consistent value overtime and direct transactions within the crypto sphere.

    For example, due to the fluctuating value of USD, it’s hard to know when’s the right time to buy and invest in it. With the help of Tether, it protects your money from inflation and acts as a leverage for countries around the world to purchase a stable fiat value.

    How does Tether work?

    Tether tokens are built on three different layers: Bitcoin blockchain, Omni layer Protocol, and the Tether Limited Layer. These three layers create a smooth process for your fiat and crypto transactions.

    The process can be summarized in 5 steps:

    1. Deposit your fiat into a Tether Limited bank account.
    2. Once the funds are in, the circulation process begins, starting with the amount you deposited. For example, if you deposited 10 USD then 10 tethers will be issued to your account.
    3. You can now use your USDT to
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