Price Data, Market Cap & News for Tether ($USDT) Cryptocurrency

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An Overview of Tether

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Overview of Tether

A Brief Introduction to Tether

Tether, also known as USDT, is a type of cryptocurrency known as a stablecoin. The unique feature of stablecoins is that their value is pegged to a stable asset, in this case, the U.S. dollar. This means that one Tether token is always equivalent to one USD, making it a stable and reliable digital currency in the often volatile crypto market.

The Creators and Major Contributors of Tether

Tether was launched in 2014 by a trio of entrepreneurs: Brock Pierce, Reeve Collins, and Craig Sellars. Pierce is a well-known figure in the crypto world, having co-founded several high-profile projects in the industry. Collins, who served as the CEO of Tether for its first two years, has a background in online advertising and entertainment. Sellars has a wealth of experience in various cryptocurrency companies and organizations.

Token Supply

Unlike some cryptocurrencies, there is no hard-coded limit on the total supply of Tether. The number of Tether tokens in circulation is theoretically only limited by the company's own policies and its cash reserves. As of September 2020, there were over 14.4 billion Tether tokens in circulation.

Purchase Locations

Tether can be purchased on a large number of cryptocurrency exchanges. Its daily trading volume often matches or even exceeds that of Bitcoin, particularly on exchanges where fiat-to-crypto trading pairs are unavailable.

Common Uses of Tether

Due to its stability, Tether is often used as a safe haven for crypto investors during periods of high volatility. Investors can park their portfolios in Tether without having to completely cash out into USD. Additionally, Tether provides a simple way to transact a U.S. dollar equivalent across regions, countries, and even continents via blockchain, bypassing the need for slow and expensive intermediaries like banks or financial services providers.

Latest News and Developments

In recent news, Tether has announced a collaboration with peer-to-peer data network Hypercore and its sister company Bitfinex on a social media app called Keet. This fully encrypted video chat application is currently desktop-only, but there are plans to extend the product to mobile devices soon.

Furthermore, Tether has also announced its expansion into the Latin American market with the launch of MXNT, a new stablecoin backed by the Mexican peso. This move is in response to an increase in cryptocurrency usage in the region, with Tether aiming to onboard as many new users within the Latin American market as possible.

Expansion of Tether's Stablecoin Ecosystem

Recent news about Tether reveals that the company has been expanding its stablecoin ecosystem. Tether has launched a new stablecoin, MXNT, pegged to the Mexican peso, marking the company's first venture into Latin America. This new addition joins Tether's existing stablecoins, including the widely used USDT. The company has also launched its USDT stablecoin on the Polygon network, a rapidly growing blockchain platform, making it the 11th blockchain to host USDT.

Tether's Financial Transparency Efforts

In an effort to increase transparency, Tether has partnered with BDO Italia, a top global accounting firm. The firm will handle Tether's assurance and attestation processes, providing daily updates about issued tokens and reserves, supplemented by monthly assurance opinions. This move follows previous controversies around the transparency of Tether's financial operations.

Stablecoin Market Developments

Tether's USDT, despite facing some challenges, has proven resilient amidst market fluctuations. The company has highlighted its stablecoin's strength following the collapse of another stablecoin, UST. However, Tether's dominance in the Ethereum network seems to be dwindling, with USDC remaining the most popular pegged asset on the platform.

Concerns and Criticisms

Despite these positive developments, Tether has also faced criticism and concerns. The President of the Federal Reserve Bank of Boston has expressed concerns about the potential disruption stablecoins, including Tether, could pose to the financial system. Additionally, Tether's undisclosed banking relationships have raised questions, with reports revealing that the company holds a portion of its assets in a boutique Bahamian bank.