Tether (USDT) Price and Analysis

Tether Overview

Tether (USDT) is a blockchain-based cryptocurrency stablecoin that is meant to mirror the value of the US dollar. The idea behind Tether is that it could function as a stable cryptocurrency that can be used as digital cash. Tether was first launched as RealCoin back in July of 2014 and rebranded as Tether months later in November of 2014. It started trading in February of 2015.

This is essentially what stablecoins are, cryptocurrencies designed to less volatile than other cryptocurrencies because they mimic a stable financial asset. Tether is pegged to the US dollar so that the value of one Tether (1 USDT) is designed to be equal to the price of one dollar. This doesn’t just apply to US dollars either, Tether can also be backed by other fiat currencies. Tether can be backed by the Euro (EURT) and the Japanese Yen (JPYT). They function the same but USDT is a token based on the Bitcoin blockchain, whereas EURT is an Ethereum-based token.

Tether has experienced some controversy in the past. Firstly, the concept behind Tether is one some people struggle to understand, what is the point of it? Why would someone want to hold Tether when they can hold the same amount in USD? This line of reasoning has led some people to believe the purpose is money laundering. Tether has also been the subject of conspiracy theories. Some people doubt that Tether does truly have a 1:1 ratio of dollars to Tether coins. This claim was exacerbated when Tether, the company who operates the Tether cryptocurrency, promised an audit that didn’t materialize. Some point also to an odd correlation between Tether grants and big Bitcoin price movements, suggesting that some shady practices are at play, which even put it under the microscope of the US Justice Department.

Then, in November 2017, Tether was allegedly hacked and $31 million worth of Tether was stolen. This also led to increased mistrust of Tether.

The rebuttal to the conspiracy theories goes like this: Tethers really are backed by fiat by a 1:1 ratio and it’s because of this that they are able to conduct business with so many major players who would not cooperate if something shady was going on. Secondly, Tether is important as a way of holding stable currency on platforms that don’t or won’t allow fiat currency.

Tether is useful in crypto exchanges where there is no fiat option. If you have a certain amount of Bitcoin but Bitcoin starts to become unstable, you could convert your Bitcoin to Tether and hold it until the uncertainty has settled. Tether was also born out of a desire to bridge the gap between fiat currencies and cryptocurrencies. By having a stablecoin with minimal fees that is backed by something already understood by the public, it was thought Tether could help bring more people to crypto.

Latest Tether News

Tether Announces its New Stablecoin to Support Chinese Yuan

The popular stablecoin issuer, Tether (USDT), has announced that it plans on launching a new stablecoin, CNH₮, backed by the ...
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New York Supreme Court Rules the Attorney General has Jurisdiction over Bitfinex

iFinex (the parent company of Bitfinex and Tether) filed a motion in July to dismiss the lawsuit against the company ...
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Solely 318 Addresses Hold Almost All of Tether’s Cryptocurrency Circulation

According to a report by the cryptocurrency research firm Coin Metrics and reported by Bloomberg, the large Bitcoin whales including ...
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Judge Locks Tether Funds from Cryptocurrency Exchange Bitfinex as NY Lawsuit Advances

The cryptocurrency exchange owned and operated by iFinex Inc, Bitfinex, is still blocked from all monetary transactions with regard to ...
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Tether Further Expands into Algorand POS Blockchain Network

Despite extending its tech prowess to TRON, Omni, EOS, and the Ethereum blockchains, Tether (USDT) is now set to launch ...
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Report: More than 50% of Stablecoin Trading Worldwide Comes from China

According to a report by Diar, Chinese stablecoin trading and volume account for more than half of the cryptocurrency transactions ...
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USDT+BTC=? Bitfinex to Deploy Tether on Bitcoin’s Lightning Network

Bitfinex, one of the most popular crypto exchanges, has recently announced that it will launch its stablecoin Tether (USDT) on ...
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WTF? Craig Wright Says Binance and Tether Fund Prostitution & Slavery!

Craig Wright is at it again, making the headlines once more just after the false claim that the US Copyright ...
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Featured: The Full Story of Bitfinex & Tether

News of the Bitfinex and Tether scandal has been dominating crypto news in 2019, but what is the full story? ...
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Report: Stablecoins Pegged to USD Set All-Time High Record for Trading Volume

In its latest report published on May 21, cryptocurrency research firm Diar revealed that the market capitalization for USD stablecoins ...
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