What is Tether USDT and how does it work?
Tether coin is the most popular and controversial stablecoin, a cryptocurrency tied to a stable asset such as gold or fiat currency units such as the dollar or euro. In addition to bringing the inherent stability of fiat currencies to the market, USDT aims to offer simpler and faster currency conversion and simplified management of digital payments on a global scale. As a stablecoin, it provides significant protection against volatility.
Tether was launched as RealCoin in July 2014 and was later rebranded as Tether in November 2014. It began trading in February 2015. Originally based on the Bitcoin blockchain, USDT now supports Bitcoin’s Omni and Liquid protocols and the blockchains of Ethereum, TRON, EOS, Algorand, Solana, OMG Network, and Bitcoin Cash (SLP).
The Tether cryptocurrency (USDT) is an altcoin and is supposedly tied to the US dollar at a 1:1 ratio, which means it should be exchanged at a stable rate of 1 Tether coin per 1 US dollar. Individual units of the cryptocurrency are called “tether” or “tether coins”. The cryptocurrency is described as fully backed by actual US dollars.
However, the price of a stablecoin can also fluctuate. For example, in October 2018, Tether fell below $0.90 before rising back to nearly $1. Another example is what is happening these days since the fall of the stablecoin Terra, the value of 1 Tether has fallen to $0.92. Nonetheless, it is still more stable than other cryptocurrencies.
Moreover, many investors question the anchoring of USDT to the US dollar, despite this altcoin trying to reassure the community by repeatedly stating that every USDT in circulation is backed by US dollars in its bank account. However, the company has failed to provide conclusive evidence, such as a formal audit, to support this claim.
How to use Tether
The platform uses the Omni protocol, the open-source software that enables it to interact with the blockchain. The main purpose of USDT coins is to make it easier to use fiat currencies on the blockchain, as these tokens are supposed to act as cryptocurrency equivalents of the respective fiat currencies.
On this basis, traders can exchange currencies between cryptocurrencies at a more stable rate thanks to the link of this stablecoin with the US dollar (indicated as USD₮ or, more commonly, USDT). At the same time, its technology offers traders the opportunity to use a system that is claimed to be more secure, faster, and cheaper than normal bank transactions. Similarly, merchants and other users can convert their fiat currencies into digital currencies without the usual costs incurred during these transactions. USDT is often used in cryptocurrency exchanges that offer only crypto-to-crypto pairings, instead of a fiat currency.
As of November 2018, the number of Tether coins in circulation amounts to nearly 1.8 billion, out of a total supply of almost 2.6 billion coins. As of November 2018, its market capitalization amounts to nearly $1.8 billion. In addition to seeking to increase its market capitalization and market share, Tether must face competition from other stablecoins such as TrueUSD, Dai, and others.
How to get Tether USDT
Buying and selling USDT coins is quite simple, as the coin is supported by various international cryptocurrency exchanges such as Crypto.com, Binance, or Kraken, which support it as part of appropriate trading pairs.
The Tether family also includes a euro counterpart (indicated as ₮), while support for the Japanese yen is currently in the works.
Using Tether in the best crypto casinos
Almost all of the best crypto casinos we review accept Tether USDT. Thanks to the use of this currency, playing is allowed and you can also benefit from fantastic welcome bonuses dedicated to new users. Empire.io is one of these amazing crypto casinos where users can gamble with USDT.