What is Tether? How it works?

What is Tether? How it works?

By PrisonedBus9641 | Cryptonews9641 | 19 Apr 2020


Tether is a cryptocurrency that is only issued if every single unit is covered by a dollar in the reserves of Tether Limited. It guarantees the stability of the dollar combined with the operational potential of cryptocurrencies. The total value of the tether in circulation is guaranteed by the reserves of the company Tether Limited. Reserves are made up of dollars and other axes as credits from loans granted by Tether to third parties. Full coverage was initially thought to be guaranteed exclusively by US dollars.

 

Because of its stability, the Tether is widely used both by users and by the exchange platforms themselves as a reserve in the world of cryptocurrencies. Investors use it to switch from one cryptocurrency to another in times of instability without having to use official currencies.

Platforms also use it as a stability cryptocurrency. Some use it instead of the dollar for customer accounts. It is also used for exchanges between cryptocurrencies with other platforms without using dollar accounts.

When we talk about Tether we refer in particular to the USD stablecoin, that is the tether linked to the price of a dollar. However, the Tether project also includes other stablecoins:

EUR ₮: a tether linked to the price of one euro.
CNH : a tether linked to the price of one Chinese yuan.

 

Tether transitions are mainly based on the Omni platform based on the Bitcoin blockchain. However, the USDT stablecoin also works on other blockchains, including that of Ethereum, where the tether are coined in the form of ERC20 tokens. EOS blockchains also support Tether.

 

 

 

 

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