What Is Tether (USDT)?
USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token’s peg to the USD is achieved via maintaining a sum of dollars in reserves that is equal to the number of USDT in circulation.
Originally launched in July 2014 as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain through the use of the Omni platform, it was later renamed to USTether, and then, finally, to USDT. In addition to Bitcoin’s, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains.
The stated purpose of USDT is to combine the unrestricted nature of cryptocurrencies — which can be sent between users without a trusted third-party intermediary — with the stable value of the US dollar.
What Makes Tether Unique?
USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to the U.S. dollar. According to Tether, whenever it issues new USDT tokens, it allocates the same amount of USD to its reserves, thus ensuring that USDT is fully backed by cash and cash equivalents.
The famously high volatility of the crypto markets means that cryptocurrencies can rise or fall by 10-20% within a single day, making them unreliable as a store of value. USDT, on the other hand, is protected from these fluctuations.
This property makes USDT a safe haven for crypto investors: during periods of high volatility, they can park their portfolios in Tether without having to completely cash out into USD. In addition, USDT provides a simple way to transact a U.S. dollar equivalent between regions, countries and even continents via blockchain — without having to rely on a slow and expensive intermediary, like a bank or a financial services provider.
Where Can You Buy Tether (USDT)?
USDT is available on a large number of cryptocurrency exchanges. In fact, USDT’s average daily trading volume is often on par or even exceeds that of Bitcoin. It is especially prominent on those exchanges where fiat-to-crypto trading pairs are unavailable, as it provides a viable alternative to USD. Here are some of the most popular exchanges that support Tether trading:
Binance
OKEx
HitBTC
Huobi Global
How to Buy USDT(Tether) on Binance?
Step1
Install the Binance app from Google Play or the App Store.
Step2
After installing and registering in Binance application, you will see the following page, tap usdt and then tap the purchase button.
Step3
After tapping the buy button you will see the following page, specify your USDT purchase amount and tap the next button.
Step4
If you have not completed your profile, you will see the following message, which you must complete, so tap the verify now button.
Step5
After purchasing usdt, tap the wallet option at the bottom of the page, then tap the spot option at the top of the page, and then select usdt.
Step6
Now tap on withdrawal, and then in the page that opens, enter the usdt address to which you want the tether value to be transferred (for example, if you want to buy from us, enter our usdt address.) , And then be sure to set the network to ERC20, and at the end enter the amount of USDT you want to transfer (fee is $ 3)
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