Tether (USDT) Trading Up 0.1% Over Last Week

Tether (USDT) traded up 0% against the dollar during the 1 day period ending at 12:00 PM ET on August 11th. Tether has a market capitalization of $115.69 billion and approximately $34.91 billion worth of Tether was traded on exchanges in the last day. One Tether token can now be purchased for $1.00 or 0.00001662 BTC on cryptocurrency exchanges. During the last seven days, Tether has traded up 0.1% against the dollar.

Here is how similar cryptocurrencies have performed during the last day:

• Aidi Finance (BSC) (AIDI) traded 2.2% lower against the dollar and now trades at $0.0000 or 0.00000000 BTC.
• Zoo Token (ZOOT) traded 2.2% lower against the dollar and now trades at $0.0652 or 0.00000239 BTC.
• CareCoin (CARES) traded down 2.2% against the dollar and now trades at $0.0809 or 0.00000297 BTC.
• Kitty Inu (KITTY) traded up 1.9% against the dollar and now trades at $95.84 or 0.00338062 BTC.
• Hokkaidu Inu (HOKK) traded up 1.2% against the dollar and now trades at $0.0004 or 0.00000001 BTC.
• Jeff in Space (JEFF) traded 2.2% lower against the dollar and now trades at $2.75 or 0.00010076 BTC.
• Lumi Credits (LUMI) traded down 0.1% against the dollar and now trades at $0.0128 or 0.00000021 BTC.
• AXIA Coin (AXC) traded 0.1% lower against the dollar and now trades at $13.43 or 0.00048094 BTC.
• MVP Coin (MVP) traded 1% higher against the dollar and now trades at $0.0567 or 0.00000094 BTC.

Tether Token Profile

Tether was first traded on October 6th, 2014. Tether’s total supply is 117,068,077,122 tokens and its circulating supply is 115,638,558,845 tokens. Tether’s official Twitter account is @tether_to and its Facebook page is accessible here. Tether’s official website is tether.to.

According to CryptoCompare, “What is USDT?Tether (USDT) is what’s known as a stablecoin, meaning a digital currency that attempts to offer investors price stability through a mechanism that allows it to remain pegged to the value of a specific asset. In USDT’s case, its value is pegged to that of the U.S. dollar.Stablecoins often represent a blockchain-based version of fiat currencies or commodities and allow investors to escape the volatility the cryptocurrency market is known for. Several companies and decentralized finance (DeFi) projects offer stablecoin-related services, including lending and borrowing.USDT is issued by a centralized entity and isn’t mineable. The entity behind the stablecoin can freeze the balance of addresses on the Ethereum network, and has done so on a number of occasions in response to law enforcement requests and international sanctions.Who Created USDT?USDT is one of various stablecoins launched by a company called Tether, which has issued a number of other cryptocurrencies pegged to the value of fiat currencies, including to the Chinese Yuan and to the Euro. The company also offers a gold-backed token called Tether Gold (XAUT).Tether was launched as RealCoin back in July 2014, and rebranded to its current name in November of that year. Tether’s most popular stablecoin is USDT, and it was originally launched on the Bitcoin blockchain.USDT is now supported on a number of blockchains, including Bitcoin's Omni and Liquid protocols, Ethereum, TRON, EOS, Algorand, Solana, OMG, Polkadot, Avalanche, and Bitcoin Cash’s Standard Ledger Protocol.Tether’s adoption has been so great that as of September 2022, it’s the third-largest cryptocurrency by market capitalization, behind only Bitcoin (BTC) and Ethereum (ETH). Tether dominates the stablecoin market, with its largest competitors being USD Coin (USDC) and BinanceUSD (BUSD).How Does USDT Stay at $1?Stablecoins use a variety of methods to maintain their peg to the value of the assets they represent on the blockchain. While government-issued fiat currencies remain stable through monetary policy enacted by central banks, stablecoins reach their stability through other systems.These systems can be as simple as having collateral to back up redemptions of their token for the asset. Other systems include being overcollateralized with cryptocurrencies, using algorithms to maintain the peg, and using seigniorage and adjusting their supply as necessary.Tether’s USDT is backed by reserves in cash and cash equivalents, allowing token holders to redeem their USDT for USD. Tether gold, for example, is backed by physical bars of gold. By allowing redemptions, USDT’s value remains at $1.During periods of heightened market stress USDT’s peg to the U.S. dollar has been lost, but it has ended up recovering over time.What is USDT Used For?USDT is a widely adopted stablecoin with a variety of use cases. The cryptocurrency is used to bridge the gap between cryptocurrency markets and the traditional financial system, with many preferring to use cryptocurrency debit cards filled up with USDT because the stablecoin is based on a blockchain.Being blockchain-based means that USDT can be easily transferred to any address, at any time for a very low transaction fee. Thanks to DeFi protocols and exchanges’ savings programs, many cryptocurrency users also save using USDT and other stablecoins.USDT is also used as a payment method at thousands of merchants throughout the world. Its primary use case is arguably to help minimize volatility in an investor’s portfolio, and as a safe haven during periods of extreme market volatility.”

Tether Token Trading

It is usually not presently possible to buy alternative cryptocurrencies such as Tether directly using U.S. dollars. Investors seeking to acquire Tether should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Changelly or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Tether using one of the aforementioned exchanges.

USDT/USD price chart by TradingView