Tether (USDT) is a blockchain-based cryptocurrency that falls under the “stablecoin” category of cryptocurrencies. Like the name suggests, stablecoins attempt to keep cryptocurrency prices stable by backing an equivalent amount of digital coins to assets in the real world. Tether backs every USDT to the United States Dollar at a ratio of 1 USDT:1 USD.
There have been several claims over the years stating Tether is lying about the USD reserves they hold which would mean their 1:1 ratio claim is false. However, that has yet to be proven by a court of law. Currently, Tether is one of the most popular dollar-backed stablecoins in existence and can be found on the majority of large exchanges.
Stablecoins are most useful for liquidity purposes. It allows traders to enter and exit the crypto market with buy and sell orders in a much more efficient manner than traditional fiat currency. Tether was first launched in July 2014 under the name RealCoin and was later renamed to Ether in November of that year. Official trading started in February 2015.
Tether was specifically built to make a bridge between the fiat currencies of the real world and cryptocurrencies. Tether enables increased stability, transparency, and lower transaction fees to users. While the value of Tether has dropped below the $1 level before, it still retains its value since it’s pegged to USD and backed by Tether reserves (according to Tether Ltd).
YouHodler aggregates prices from top centralized exchanges to provide an accurate Tether price and charts.
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The best way to earn interest on Tether is by depositing it in a YouHodler savings account. Interest payments occur weekly and YouHodler features compounding interest.
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