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Wednesday, January 26, 2022

Tether Coin (USDT): explanation, overview and all details.

Tether coin is a blockchain-based cryptocurrency whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the dollar, the euro, or the Japanese yen, which are held in a designated bank account. Tether tokens, the native tokens of the Tether network, trade under the USDT symbol.

Tether belongs to a breed of cryptocurrencies called stable coins which aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies like Bitcoin and Ethereum. That would allow it to be used as a medium of exchange and a mode of storage of value, instead of being used as a medium of speculative investments.

Current stats of Tether Coin (USDT)

Let’s have a look at some Stats of USDT coins.

Current price of USDT Coin:

Current price of USDT is $1.

Current Market cap of USDT Coin:

Market cap of USDT is 61.736 Billion.

Maximum supply of USDT Coin:

There is no official record from which we can know the maximum supply of USDT.

From where you can buy Tether Coin (USDT)?

Tether tokens can be transacted on popular cryptocurrency exchanges that include.

  1. Binance
  2. CoinSpot
  3. BitFinex
  4. Kraken
  5. CoinSwitch Kuber
  6. WazirX

Disadvantages of Tether Coin (USDT)

Every cryptocurrency has some disadvantages, so let’s discuss some disadvantages of Tether USDT.

  • Centralized project with an unscrupulous team: Counter to the cryptocurrency ethos, USDT is completely centralized around one company and asks that its user completely trust this single point of failure. Additionally, the company has already been exposed as lying about its “one-to-one US dollar backing.”
  • Lack of transparency and audits: Tether’s minting process and auditing practices operate in a “black box” with little transparency. 
  • Unclear banking relations and regulatory status: Tether Limited, over the course of its existence, has jumped from one banking partner and regulatory jurisdiction to another, raising concerns over the project’s legitimacy and legal standing.

Should I invest in Tether Coin (USDT)?

If you are a beginner in the cryptocurrency market, it’s good to get all the information you can about what you wish to buy. For Tether USDT, this includes knowing what the crypto is about, the solution it offers, viability, the performance so far, and future projections.

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