What Is Tether (USDT)?

Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Tether works to disrupt the conventional financial system via a more modern approach to money. Tether has made headway by giving customers the ability to transact with traditional currencies across the blockchain, without the inherent volatility and complexity typically associated with a digital currency. As the first blockchain-enabled platform to facilitate the digital use of traditional currencies (a familiar, stable accounting unit), Tether has democratised cross-border transactions across the blockchain.

What is the Tether USD₮ token?

USD₮ is a digital dollar, powered by blockchain technology, a stablecoin that is pegged 1:1 to the USD. USD₮ provides individuals and organizations with a robust and decentralized method of exchanging value while using a familiar accounting unit.

How do Tether tokens work?

Tether tokens exist as digital tokens built on several leading blockchains, including Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, Kava and Statemine. These transport protocols consist of open source software that interface with blockchains to allow for the issuance and redemption of Tether tokens. Every Tether token is 100% backed by Tether's reserves. As a fully transparent company, Tether publishes a record of the current reserve assets.

Who Are The Founders Of Tether?

USDT — or as it was known at the time, Realcoin — was launched in 2014 by Brock Pierce, Reeve Collins and Craig Sellars. Brock Pierce is a well-known entrepreneur who has co-founded a number of high-profile projects in the crypto and entertainment industries. In 2013, he co-founded a venture capital firm Blockchain Capital, which by 2017 had raised over $80 million in funding. In 2014, Pierce became the director of the Bitcoin Foundation, a nonprofit established to help improve and promote Bitcoin. Pierce has also co-founded Block.one, the company behind EOS, one of the largest cryptocurrencies on the market. Reeve Collins was the CEO of Tether for the first two years of its existence. Prior to that, he had co-founded several successful companies, such as the online ad network Traffic Marketplace, entertainment studio RedLever and gambling website Pala Interactive. As of 2020, Collins is heading SmarMedia Technologies, a marketing and advertising tech company. Other than working on Tether, Craig Sellars has been a member of the Omni Foundation for over six years. Its Omni Protocol allows users to create and trade smart-contract based properties and currencies on top of Bitcoin’s blockchain. Sellars has also worked in several other cryptocurrency companies and organizations, such as Bitfinex, Factom, Synereo and the MaidSafe Foundation.

What Makes Tether Unique?

USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to the U.S. dollar. According to Tether, whenever it issues new USDT tokens, it allocates the same amount of USD to its reserves, thus ensuring that USDT is fully backed by cash and cash equivalents. The famously high volatility of the crypto markets means that cryptocurrencies can rise or fall by 10-20% within a single day, making them unreliable as a store of value. USDT, on the other hand, is protected from these fluctuations. This property makes USDT a safe haven for crypto investors: during periods of high volatility, they can park their portfolios in Tether without having to completely cash out into USD. In addition, USDT provides a simple way to transact a U.S. dollar equivalent between regions, countries and even continents via blockchain — without having to rely on a slow and expensive intermediary, like a bank or a financial services provider. However, over the years, there have been a number of controversies regarding the validity of Tether’s claims about their USD reserves, at times disrupting USDT’s price, which went down as low as $0.88 at one point in its history. Many have raised concerns about the fact that Tether’s reserves have never been fully audited by an independent third party.

Is Tether Entering the Social Media Market?

In July 2022, Tether, alongside peer-to-peer data network Hypercore and its sister company Bitfinex, collaborated on a social media app called Keet. The fully encrypted video chat application is currently a desktop-only app for now, but there are plans to extend the product to mobile devices soon. Keet app is the first app to be deployed on Holepunch, a platform that allows developers to build Web3 apps. And although Keet is still a closed-source project, the companies plan to make it open-source by the end of the year. Commenting on why Tether was launching a chat app, Ardoino, who doubles as the chief strategy officer at Holepunch, simply said “freedom of speech.”

What tools does Nimbus offer for effortlessly monitoring Tether USDt?

Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor Tether USDt effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to Tether USDt. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking Tether USDt prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.

How does Nimbus enable tracking Tether USDt prices with profit and loss?

Nimbus facilitates the tracking of Tether USDt prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.

How does Nimbus analyze Tether USDt, and what insights does it provide?

Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting Tether USDt . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their Tether USDt. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.

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USDT Market Statistics

  • Price USD

    $0.999837
  • Market Cap

    $111,346,030,730.84
  • Total Volume USD

    $123,210,426,691.44
  • Total Supply

    114,086,550,454.35 USDT
  • Circulating Supply

    111,364,216,399.10 USDT
  • Fully Diluted Market Cap

    $114,067,920,231.59
  • Socials

  • Official links

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