Tether (USDT)

Stablecoin that should stay at the value of 1 USD

#4

Marketcap Ranking

1.002510 (0.17%) arrow_drop_up

Market Price (24h change)

11,603,543,812

Total Market Cap

2.5

3

info_outline What is Tether

4.8

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Tether Short Description

General Data and Information. Announced in July 2014 by Brock Pierce, Reeve Collins and Craig Sellars as Realcoin, Tether (USDT) is the most popular and liquid stablecoin in the crypto-currency ecosystem. It is a token that was first issued on the Bitcoin blockchain using the Omni Layer platform, however it has since been launched as a token on various other blockchains (Ethereum, Tron, EOS and Algorand). Each token represents a claim (redeemable) against a single fiat US dollar held by Tether (the company). As the fiat reserves backing the tokens are held in the traditional banking system, it can be difficult to maintain transparency about the value of such reserves. Tether attempts to provide transparency about the full reserve (not fractional reserve) by issuing statements from accountants with visibility into the reserve banking accounts which are then matched against the publicly visible token issuances on the various blockchains. Milestones. July 2014 - Realcoin announced by Pierce, Collins and Sellars.

6th October 2014 - First tokens issued on the Bitcoin blockchain via the Omni Layer. 20th November 2014 - Renamed to “Tether”. January 2015 - USDT trading enabled on Bitfinex, other crypto exchanges follow suit. 5th January 2018 - USDT tokens supported on Ethereum. 27th November 2018 - Direct customer (non-exchange) fiat redemption enabled. 4th March 2019 - USDT tokens supported on TRON. 31st May 2019 - USDT tokens supported on EOS. 29 th July 2019 - USDT tokens supported on Liquid Network.

Utility. Designed to be backed 1:1 by fiat (US dollars), Tether tokens (USDT) are minted or burnt (destroyed) as the reserves held by Tether (the company) increase (via deposits) or fall (via claims against the tokens). In this way, Tether tokens are seen as a stable store of value in an otherwise highly volatile crypto-currency ecosystem. The advantage in holding Tether is that it removes the friction in exiting fully into the banking system (with time delays and additional fees required for processing), allowing traders to quickly re-establish positions and react to sudden changes in market movements. Significant Features. - Redeemable for a single fiat US dollar from Tether (the company). - No requirement to exit into the banking system (with associated time lag and fees), whilst retaining a relatively stable US dollar peg, making USDT a point of stability in volatile cryptocurrency markets. References: ..

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Tether Explanation Video

What are Stablecoins? What is Tether? | 99Bitcoins

Support our channel by using the Brave browser, browse up to 3 times faster, no ads, get rewarded for browsing: http://bit.ly/35vHo0M Stablecoins are an attempt to create a crypto ...

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4.8

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Tether Whitepaper

A digital token backed by fiat currency provides individuals and organizations with a robust and decentralized method of exchanging value while using a familiar accounting unit. The innovation of blockchains is an auditable and cryptographically secured global ledger. Asset­backed token issuers and other market participants can take advantage of blockchain technology, along with embedded consensus systems, to transact in familiar, less volatile currencies and assets.


The whitepaper of Tether is 20 Pages long.

The most influencial keywords are: Tether, Exchange, Users, Asset, Bitcoins, Exchanging value, Fiat currencies, Accounting, Accountability, and Market.

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Tether Competitors

  • 1.) Dai

    Dai is a cryptocurrency that is price stabilized against the value of the U.S. Dollar. Dai is created by the Dai Stablecoin System, a decentralized platform that runs on the Ethereum blockchain.

  • 2.) TrueUSD

    TrueUSD claim to be a stablecoin that you can redeem 1-for-1 for US dollars.

  • 3.) Digix Gold Token

    Every DGX = 1 Gram of gold. You can own, save and transact Gold in tokenised form - keeping secure private ownership of your digital assets.

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Tether Product Analysis

Tether was founded back in February 2015. never released their source code, which makes it an intransparent and hidden project with no guarantee that their product works or is being developed.
Organization wise, Tethers Development is Centralized and is being developed under the lead of Stuart Hoegner.

The consensus on which the Tether network is run is called Not mineable, while the underlying algorithm is called None.
In the current state of Tether currently is Working product

group Tether Community Analysis

2.3

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Tether Communities & Events

Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Store, send and receive digital tokens pegged to dollars, euros, and offshore Chinese yuan person-to-person, globally, instantly, and securely for a fraction of the cost of any alternative.

view_list r/Tether Subreddit
person 4,798 Subscribers
directions_run 75 Active Users
create 1 Daily Posts
speaker_notes Daily Comments
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There is no official Telegram Channel for USDT yet

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Official Twitter account for Tether

view_list @Tether_to Channel
person 41,094 Followers
08.07.2020
22:14
Bittrex and Poloniex Filing in Class Action Undermines Plaintiffs’ Claims https://t.co/TuYlYve8CR 9 favorite
07.22.2020
08:11
In March 2020 we hit a big milestone as our market capitalization hit $5 billion. Now only four months later we’ve surpassed a $10 billion market capitalization 🔝 Another huge accomplishment for 2020, solidifying $USDt place as one of the most liquid, stable & trusted currency! https://t.co/ZsYBFYvyJ1 282 favorite
06.29.2020
09:57
In few minutes Tether will coordinate with a 3rd party to perform a chain swap (conversion from Tron to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process. 295 favorite
06.22.2020
15:23
PSA: On June 29th, Tether will coordinate with a 3rd party to perform a chain swap (conversion from Tron TRC20 to ERC20 protocol) for a sizable amount of USDt. Additional details will follow in coming days. Tether total supply will not change during this process. 251 favorite
06.04.2020
14:59
Bitfinex and Tether denounce baseless lawsuit designed to undermine the cryptocurrency community ⬇️ https://t.co/7uNKWpscCG 57 favorite
06.01.2020
11:48
Tether (#USDT) will be available soon on @omgnetworkhq OMG/Plasma! https://t.co/tQtFkMBQdK 147 favorite
04.27.2020
12:39
Our CTO @paoloardoino gives insight into the journey and growth of Tether as the worlds leading stablecoin https://t.co/4KEekrMdx1 32 favorite
04.22.2020
20:13
Tether has just burned 220m Tether USDt from its Omni authorized but not issued pool. tx: a2d179c80c8cfdb3f27e2103fee9373c7747edb910d7d1b011a74fb734a96a94 31 favorite
04.22.2020
17:36
Tether has moved 220m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in preparation to burn/revoke them, tx: 40478cbfad584df9a75c06dfd2a264f4dfad5d79a3343826e03bef7f3335cbeb 35 favorite
03.12.2020
19:14
🔝Today we have surpassed a market capitalization of $5 billion, amid a surge in interest in crypto’s most liquid, stable and trusted currency! This important milestone confirms Tether’s place as the pre-eminent stablecoin, with the biggest market capitalization. https://t.co/HZSOkMLmTm 246 favorite

There are no events for Tether in the next 3 Months

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Tether Google Trends


The Google Trends chart displays the search interest on google in Tether relative to its peak over the last year. A rising chart shows growing interest int he project.

code Tether Development Analysis

1.0

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Tether Github Analysis


Tether is not open source and can therefore not be analyzed. This will automatically give Tether a rating of 1 as a penalty for not being open-source.

attach_money Tether Price Analysis

4.4

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Tether Price Prediction

$ 1.002979 (0.04%) arrow_drop_up

Predicted USD Market Price in 24h by Coinpaper

$ 1.004591 (0.2%) arrow_drop_up

Predicted USD Market Price in 14d by Coinpaper

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Converter USDT - USD

Convert between USDT and USD with the live Tether prices, aggregated from all big exchanges that trade Tether.


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Market insights

Volume from exchanges is considered untrusted if the exchange has little reputation and no License but reports suspiciously high trading volume in particular coins.

account_circle Tether Team Analysis

4.8

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Tether Team

Tether Team Leader

Jl Van Der Velde - Chief executive officer


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Tether Team Members (5)

launch

Stuart Hoegner

General counsel

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Giancarlo Devasini

Chief financial officer

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J. L. van der Velde

Ceo

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Philip Potter

Cso

Matthew Tremblay

Cco

remove_red_eye Tether Product Review by Coinpaper

3.1

Tether Product description

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One of the biggest limitations the cryptocurrency technologies battle is the huge price swings in their valuations which render them slightly impractical for day-to-day trading. Keeping this concern in mind, a new breed of cryptocurrency known as stablecoins was introduced. Stablecoins are backed by real-world fiat currencies like the US Dollar or Japanese Yen. Tether (USDT) is a Blockchain cryptocurrency backed by the US dollar (Blockgeeks, 2018).
Tether was created with the sole intention of introducing a Blockchain-based cryptocurrency that will be stabilized so that it becomes a recognized and accepted means of exchange rather than a tool of investment. It is essential to tackle the problem of wide price swings if we want to see a future where cryptocurrencies could be used to run day-to-day business transactions. Tether aims to achieve that. Its fixed-price follows that of the US Dollar, which provides an incentive to the masses to spend token rather than ‘HODL-ing’ them (Frankenfield, 2019).

4.7

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Tether is a token issued on the ‘Omni-layer’ in the bitcoin network. The Omni protocol basically provides a platform for new products to be launched on the Bitcoin Blockchain. As a result, every Omni transaction shares the same transaction hash as the Bitcoin transaction which produces it in the first place. There are other stablecoins launched on the Omni Protocol but Tether enjoys a massive share of 90% of Omni’s transactions (Blockgeeks, 2018).

3.5

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Tether was initially founded by Brock Pierce, the director of the Bitcoin Foundation, with the technical assistance of the software engineer Craig Sellers and the entrepreneurial skills of Reeve Collins. Back then, in July 2014, the project was named Realcoin and its main objective was to develop a utility token that had a 1:1 parity with some real-world fiat currency (Jenkinson, 2018).
According to a recent development, it has been alleged in the leaked Paradise Papers, that Tether shares common management employees with the famous crypto-exchange, Bitfinex. Giancarlo Devasini is as of the time of this article, serving as a director for both companies, while Phil Potter is a director at Tether and holds the position of Chief Strategy Officer at Bitfinex. This allegation gave way to some serious suspicions regarding the transparency of Tether and the working and legitimacy of Bitfinex (John Ian Woong, 2017).

2.8

How things stand for Tether

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Since this stable coin was brought into the mainstream, it has managed to capture a considerable amount of cryptocurrency exchange activity. Tether is used in about 40-80 percent of all transactions happening on the leading exchanges of Binance and Huobi. A large part of the transactions sees the purchase of Bitcoin using Tether tokens. In August 2019, amidst the devastating performances of many cryptocurrencies, Tether managed to record its all-time high activity with a total market capital reaching up to $4 billion (Cuen, 2019).
However, Tether’s history has not always been right on track. In November 2017, a cyber-attack on the Tether network resulted in a theft of about $31 million tokens. This caused panic and made Stablecoin users more security conscious. A little fast forward to January 2018 and Tether was faced with another controversy which was as a result of the bad faith demonstrated by the parent company Tether Ltd. As Tether, and all other stable coins are backed by a real-world currency that is supposed to be deposited in a bank account as collateral. Each Tether token is paired by a US Dollar. Tether Limited did not go through with the mandatory audit which was supposed to ensure that the real world reserves are maintained. This lack of transparency gave rise to the winds of suspicion and mistrust (Seth, 2018).
Tether Foundation is the main body that supplies Tether tokens. They used to state that every Tether token is backed by a real-world US Dollar deposited in reserves. However, it was alleged that this was not the case. As much as 25% of the Tether valuations come from loans taken to fill the reserve which is something to be worried about. Contrary to their popular claim that each Tether is backed by a US Dollar, it has been established now that these claims were evidently empty. According to a Tether’s spokesperson and the official website as well (under the Transparency description), it has been revealed that instead of 100% US dollar reserves, it has ‘cash equivalents’. Interestingly, these ‘cash equivalents’ are presumed to be loans and other cryptocurrencies as well. So the whole concept of pairing the cryptocurrency to a stable fiat currency goes down the drain because the ‘equivalent-reserves’ are themselves highly volatile in nature. So, in short, Tether has also become an unregulated crypto-currency and the investors might be in for a surprise; perhaps, not a good one (Coppola, 2019).

1.4

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Tether’s concept has been published in detail in the whitepaper provided by the parent company Tether Limited. The main code is developed by the company itself under the supervision of the software engineer Craig Sellers. The technology itself relies on the already developed major Blockchain of Bitcoin. Using the open-source Omni Protocol, the team was able to build a token whose value could be pegged to US dollar and whose transactions could be monitored using the Bitcoin network.

3.0

Tether Pro/Contra

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Adoption Tether can be crowned as the pioneer of the stablecoins. For this reason, it is widely popular as almost every big cryptocurrency exchange offers Tether tokens.
Transaction cost Tether apparently charges zero fees for transactions between Tether wallets.
Energy consumption Stablecoins follow the price value of real-world currency. The energy-intensive process of mining is not involved in the working of Tether and therefore is it energy-friendly.
Product availability The technology is in a fully working condition with many exchanges offering the coin while many Blockchain networks like Tron and Litecoin are starting to introduce the technology on their networks.
Exchange availability Tether is available on almost all the famous exchanges like Binance, Bitfinex, Kraken, etc.
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Security Relatively low. The coin is relatively new/unproven.
Transactions per second Since Tether uses the Bitcoin Blockchain, its TPS is predominantly the same as Bitcoin, i.e. 6-7 transactions per second.
Transaction speed The transaction speed is much lower compared to other cryptocurrencies.
Decentralization Although the currency is being presented as a decentralized system, many claims have been made recently that suggests that Tether is more of an entirely centralized system. To understand this notion, consider this: Tether tokens are backed by US dollars which means every transaction must access the reserves to ensure the presence of the fiat currency. If this access is denied or the reserves are low in quantity, the entire system could crash.
Privacy Transactions with this coin are pseudonymous.

remove_red_eye Tether Market Review by Coinpaper

3.1

Tether Foresight

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Tether has been recently swimming in controversy, which has painted the cryptocurrency with a scandalous brush. With the entry of many other stablecoins, the crypto-world might run toward the new entrants, relegating Tether coin to the background, and this move will be aggravated by the ongoing negative atmosphere that has surrounded the Tether coin.

1.8

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Tether was initially launched under the umbrella of the Tether Foundation to create a Blockchain-based token that could bridge the gap between the cryptocurrencies and the real-world currencies. However, Tether has not been having a positive press, and that has affected its reputation, but despite all the negative stories about Tether, technology is being used in many projects. HubSpot is using Tether in projects like Select, Shepherd, Tooltip, Drop, etc.

3.2

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Tether could potentially become the only stablecoin for cryptocurrency exchanges, but this is very unlikely, as many other stablecoins are already being used by cryptocurrency exchanges.

3.5

Tether Business Case

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An array of stablecoins have been launched since Tether has consolidated its position in the crypto-world. Some of the substitutes considered next to Tether token are USD Coin (USDC), Paxos Standard (PAX), Gemini Dollar (GUSD) and MakerDAO (DAI) Stablecoin (Puckrin, 2019).

2.0

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Tether has a number of notable industry partners, most of which ranges from trade exchanges to online banks. Industry supporters include Omni, Poloniex, Ambisafe, MegaChange, etc., while many trade exchanges like Bitfinex, Bittrex, HitBTC, etc. are listed as Tether’s partner. Recently, Bahamian Bank revealed its partnership with Tether Limited (Baker, 2018).
In another interesting development, Tron’s CEO, Justin Sun has announced his intention to adopt and introduce Tether token on the Tron network (De, 2019).

4.6

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Tether’s community, essentially, is limited to users only. Since there is not much development required on the Tether technology, members of the community haven’t been doing a lot to improve the technology. The community only includes frequent trade exchange users. According to some stats, around 40-80 percent of Bitcoin transactions are made through Tether token.

3.3

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The main representative body behind Tether is the Tether Foundation whose current CEO is JL Van der Velde while Stuart Hoegner serves as the General Counsel for the firm.

3.0

compare_arrows Tether Exchanges

Tether Markets

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# Exchange Pair Price 24h Volume Trusted
# 1 Binance USDT/BTC $ 1.001417 $ 622,235,149 check
# 2 Binance USDT/ETH $ 1.001498 $ 373,027,831 check
# 3 Binance USDT/LINK $ 1.000568 $ 140,648,347 check
# 4 Binance USDT/XRP $ 1.001971 $ 77,534,206 check
# 5 Binance USDT/BNB $ 0.996702 $ 59,198,498 check
# 6 Binance USDT/BUSD $ 1.003410 $ 52,841,541 check
# 7 Binance USDT/EOS $ 1.002567 $ 46,091,741 check
# 8 Binance USDT/ADA $ 1.000993 $ 42,452,906 check
# 9 Binance USDT/LTC $ 1.001974 $ 41,880,995 check
# 10 Binance USDT/VET $ 0.999006 $ 32,646,256 check

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