Snapshot:
- What is Tether (USDT)?
- Who are the founders of Tether?
- How does Tether work?
- Key Attributes of Tether
- How to buy Tether (USDT) in India
What is Tether (USDT)?
Tether Limited, the creator of the first and most widely used stablecoin, Tether (USDT), is a company operating a platform that issues blockchain-based assets linked to the price of fiat currency.
Previously launched in July 2014 as Realcoin, the most popular stablecoin Tether (USDT) is a second-layer cryptocurrency token that was built on top of Bitcoin’s blockchain using the Omni platform. To put it in simple words, USDT basically mirrors the price of the U.S. dollar. The token’s peg to the USD is achieved via maintaining a sum of commercial paper, deposits, cash, reserve repo notes, and treasury bills in reserves that is equal in USD value to the number of USDT in circulation. Their goal was to create an ethereum token that is pegged to the US dollar this way the value of their token is always $1. Each USDT token is redeemable for a corresponding U.S. dollar held under by Tether Limited.
Did you know? No one is aware of the amount that Tether Limited has in its reserve!
Who are the Founders of Tether?
USDT or Tether was founded by Brock Pierce; a well-known entrepreneur who has co-founded a number of high-profile projects in the crypto and entertainment industries. Along with him, Reeve Collins was also a founding member of USDT; he had also co-founded several successful companies like Traffic Marketplace, an online ad network, RedLever, an entertainment studio, and gambling website Pala Interactive. He was also the CEO of Tether for the first two years! Apart from them, Craig Sellars a member of the Omni Foundation for over six years also took part in the Tether project.
How does Tether Work?
The volatility of the crypto market is no news. That means a crypto asset can see high fluctuation in its value throughout the day! But on the other hand, USDT is protected from these fluctuations. That is because USDT’s value is guaranteed by Tether to remain pegged to the U.S. dollar. Whenever Tether issues a new USDT token, it allocates the same amount of USD to its reserves. This ensures that USDT is fully backed by cash and its equivalents.
Key Attributes of Tether
One of the key attributes of Tether is that it is always pegged at 1 USD! This feature alone makes it a lot stronger than the rest of the stablecoins; given the volatility of the crypto market.
Along with being the most popular stablecoin, Tether remains unique because it can work on multiple blockchains. USDT is currently available on Bitcoin via Omni, Ethereum, Tron, EOS, Liquid, Algorand, SLP, and Solana.
HOW TO BUY Tether (USDT)?
Use these three-step processes to buy your first USDT to Tether using the CoinDCX bitcoin and crypto investment app
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy Tether on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy Tether (USDT): After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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