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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: ..
Stablecoins are an attempt to create a cryptocurrency that isn’t volatile. A stablecoin’s value is pegged to a real world currency, also known as fiat currency. For example, the St ...
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.file_downloadOpen Whitepaper
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.
TrueUSD claim to be a stablecoin that you can redeem 1-for-1 for US dollars.
Every DGX = 1 Gram of gold. You can own, save and transact Gold in tokenised form - keeping secure private ownership of your digital assets.
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
Tether is a digital token pegged to fiat currency through a 1:1 reserve backing.
|view_list r/Tether Subreddit|
|person 4,586 Subscribers|
|directions_run 45 Active Users|
|create 1 Daily Posts|
|speaker_notes Daily Comments|
There is no official Telegram Channel for USDT yet
Official Twitter account for Tether
|view_list @Tether_to Channel|
|person 37,057 Followers|
There are no events for Tether in the next 3 Months
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.
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.
Convert between USDT and USD with the live Tether prices, aggregated from all big exchanges that trade Tether.
Volume from exchanges is considered untrusted if the exchange has little reputation and no License but reports suspiciously high trading volume in particular coins.
Jl Van Der Velde -
Chief executive officer
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).
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).
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).
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).
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.
|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.|
|Enery 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.|
|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.|
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.
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.
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.
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).
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).
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.
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.
|# 1||Binance||USDT/ETH||$ 1.001232||$ 72,353,629||check|
|# 2||Binance||USDT/EOS||$ 0.997970||$ 43,804,150||check|
|# 3||Binance||USDT/LTC||$ 0.995455||$ 42,671,697||check|
|# 4||Binance||USDT/BNB||$ 0.999797||$ 34,328,495||check|
|# 5||Binance||USDT/TRX||$ 0.998399||$ 34,059,145||check|
|# 6||Binance||USDT/XRP||$ 0.998357||$ 32,181,296||check|
|# 7||Poloniex||USDT/BTC||$ 1.001168||$ 27,075,905||check|
|# 8||Binance||USDT/DASH||$ 1.000692||$ 23,649,718||check|
|# 9||Binance||USDT/ZEC||$ 0.999542||$ 12,476,262||check|
|# 10||Binance||USDT/LINK||$ 1.000406||$ 11,900,470||check|
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