Tether is a stable currency that converts cash in the digital currency. Built on the open blockchain technology (leverages the transparency and security), Tether is the most integrated digital-to-fiat currency nowadays. Created by Hong Kong based company, the currency uses Omni protocol for processing Dollar, Yen, and Euro. Tether Dollar is the most preferred token. With this dollar, you can receive, transfer, and store Dollar with no need of payment providers or banks.
It possesses the same qualities or properties as Bitcoin. The only difference is that a trust needs to be maintained on Tether Company that stores money with token that are issued on banks. Tether is 100% backed by traditional currency (held in the reserves).
1 USD? = 1 USD
Every circulated tether matches reserves and reserve holdings published on regular basis and subjected to professional audits. The blockchain technology of Tether provides best-in-class security as well as maintain international compliance regulations and standards.
Tether’s amount in circulation become stagnated at 10 Million. Then in May 2017, it reached around 60 Million and international Tether wires have been blocked as per the Tether Company. Also, the Tether Company added that they do not expect Tethers supply to increase until constraints lifted. However, the history decided as the circulation amount of Tether started explode in July and raised around 210 Million and then in August to around 316 Million. The amount grew up to 450 Million in September and then only in the initial 15 days of November, the amount got increased by 220 Million. At present, Tether depicts Dollars that are worth $676 Million.
Initially, Tether was known as Realcoin. At that time, it was an ordinary altcoin that was prominent among traders, but cannot compete with Namecoin, Litecoin, and other altcoins. Hence, Tether owners decided to rebrand it in order to have a positive impact on the businesses.
It is not easy to explain that how Tether works. It can be described as a service changing EUR, USD, and other currencies in digital (virtual) tokens that are received and send through Bitcoin blockchain. In simple words, Tether is digital tie to real assets of the world. When talking about it technically, it is a way of using electronic currencies.
For traders and individuals, Tether is really useful in doing seamless currency transfers in between wallets and exchanges. It enhances currency arbitrage strategy and cross-exchange. Tether also reduces operating costs bypassing financial institutions.
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