Cryptocurrency or crypto : Tether (USDT) coin Definition,Why Tether ,History of USDT , Founder,Owner, CEO, USDT Market Rank,Security,Market cap,Roadmap,Market Circulation
What Is Tether (USDT)?
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| Image logo of Tether (USDT) coin |
USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token’s peg to the USD is achieved via maintaining a sum of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills in reserves that is equal in USD value to the number of USDT in circulation.
Originally launched in July 2014 as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain through the use of the Omni platform, it was later renamed to USTether, and then, finally, to USDT. In addition to Bitcoin’s, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains.
The stated purpose of USDT is to combine the unrestricted nature of cryptocurrencies — which can be sent between users without a trusted third-party intermediary — with the stable value of the US dollar.
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Who Are The Founders Of Tether?
USDT — or as it was known at the time, Realcoin — was launched in 2014 by Brock Pierce, Reeve Collins and Craig Sellars.
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| Founder member of Tether(USDT) Brock Pierce image |Image source:LinkedIn |
Brock Pierce is a well-known entrepreneur who has co-founded a number of high-profile projects in the crypto and entertainment industries. In 2013, he co-founded a venture capital firm Blockchain Capital, which by 2017 had raised over $80 million in funding. In 2014, Pierce became the director of the Bitcoin Foundation, a nonprofit established to help improve and promote Bitcoin. Pierce has also co-founded Block.one, the company behind EOS, one of the largest cryptocurrencies on the market.
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| Founder member of Tether(USDT) Reeve Collins Image |Image Source :LinkedIn |
Reeve Collins was the CEO of Tether for the first two years of its existence. Prior to that, he had co-founded several successful companies, such as the online ad network Traffic Marketplace, entertainment studio RedLever and gambling website Pala Interactive. As of 2020, Collins is heading SmarMedia Technologies, a marketing and advertising tech company.
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| Founder member of Tether(USDT) Craig Sellars Image |Image source :LinkedIn |
Other than working on Tether, Craig Sellars has been a member of the Omni Foundation for over six years. Its Omni Protocol allows users to create and trade smart-contract based properties and currencies on top of Bitcoin’s blockchain. Sellars has also worked in several other cryptocurrency companies and organizations, such as Bitfinex, Factom, Synereo and the MaidSafe Foundation.
Market cap of Tether (USDT)
Current market rank of Market cap of Tether (USDT) is Top 5
Market Rank of Tether (USDT)
Current market cap of Market cap of Tether (USDT) is
68 Billion USD
What is Tether for Individuals
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| Features Image of Tether for Individuals |
>>Your money. Your way
Turn your money into 1-to-1 backed stable currency
and do more with your hard earned cash.
>>Transact with Currency
Store, send and receive 1-to-1 backed digital currency across tether-integrated exchanges, platforms and wallets.
>>Fund Your Account
Add value to your exchange accounts and wallets through other tether-enabled wallets.
>>Reduce Volatility
Convert cash into stable digital currency and hold as USD, EUR or CNH
>>Send to Others
Transfer stable digital currency between other tether-enabled wallets and exchanges.
What is Tether Gold
A digital token, backed by physical gold
Tether Gold (Gold) is a digital asset offered by TG Commodities Limited. One full XAUt token represents one troy fine ounce of gold on a London Good Delivery bar.
The XAUt token can be transferred to any on-chain address from the purchasers' Tether wallet where it is issued after purchase. Specific gold bar(s) will be associated with each on-chain address where Tether Gold is held.
Features of Tether Gold
Easy Access
XAUt is available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain. The token can be traded or moved easily at any time, anywhere in the world.
Individual Allocation
Each XAUt represents ownership of one troy fine ounce of physical gold on a specific gold bar. Therefore, holders will obtain undivided ownership rights to gold on the specified gold bar(s). The allocated gold is identifiable with a unique serial number, purity and weight. At any time, XAUt holders can check the details of the gold bars associated with their address through the Look-up website.
Multiple Redemption Options
Holders of XAUt can make a redemption request in the form of physical gold so long as holders have completed TG Commodities Limited’s verification process and hold the required minimum number of XAUt. The holder’s physical gold can be delivered to a location of their choice in Switzerland or the holder can request that TG Commodities Limited attempt to sell the gold and receive the cash proceeds from that sale (less TG Commodities Limited’s fees).
24/7 Customer Support
We have a global customer support team ready at your service around the clock. No matter where you are and which time zone you are in, we will be available when you reach out to us.
>>What is the benefit of having physical assets on a blockchain?
Owning physical assets on the blockchain provides holders with the combined benefits of both physical and digital assets. XAUt token holder will be able to enjoy ownership of gold while avoiding drawbacks associated with physical gold, such as high storage costs and limited accessibility.
>>How can I buy Tether Gold?
You need to have a verified account with TG Commodities Limited that can be opened here.
The minimum purchase allowed is 50 XAUt or 50 fine troy ounces (at December 2019 prices 50 XAUt will cost about 75,000 US Dollars). All purchases will be in US Dollars.
>>Can I get a fractional amount of a Tether Gold token?
Tether Gold tokens will be tradable on exchanges in fractions as small as the exchanges permit. You can see the list of exchanges supporting the Tether Gold token at the end of the page.
>>What is the custody fee?
There are no custody fees, just a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption (described below).
>>How can I redeem my Tether Gold tokens?
You need to have a verified account with TG Commodities Limited that can be opened here.
You must hold one full bar of gold worth of tokens to request redemption. If your tokens are allocated to a full bar of gold, you can redeem a number of tokens equal to the number of fine troy ounces of gold contained in your bar of gold. If your tokens are not allocated to a full bar of gold, we normally request that you deposit 430 tokens to ensure you have enough tokens to redeem a full bar of gold. Our bars of gold (like all LBMA bars of gold) vary in size and can be as big as 430 troy fine ounces. Once you make your deposit, we will reallocate your tokens to one or more full bars of gold bar (as well as, potentially a portion of another bar of gold). Redemption will occur based on the actual number of troy fine ounces contained in your bar(s) of gold. Redemptions occur on a one token for each fine troy ounce of gold basis.
When a holder of XAUt makes a redemption for physical gold, he or she will be able to take physical ownership of the gold at a location of their choice in Switzerland or request that TG Commodities Limited attempt to sell the gold and receive the cash proceeds from that sale (less TG Commodities Limited’s fees).
If the holder requests TG Commodities Limited to deliver physical gold, TG Commodities Limited will arrange for secure transportation of the physical gold to the delivery location in Switzerland requested by the XAUt holder. TPML will charge 25 basis points on the value of the gold at the time of redemption of the XAUt tokens in the Swiss gold market, plus the delivery costs.
If the holder requests TG Commodities Limited to attempt to sell its physical gold, TG Commodities Limited will attempt to do so in the Swiss gold market. If the gold is successfully sold, TG Commodities Limited will provide the holder the proceeds from that sale, less a fee of 25 basis points of the proceeds from that sale. Sale proceeds will be wired to the holder in US Dollars.
What Makes Tether Unique?
USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to the U.S. dollar. According to Tether, whenever it issues new USDT tokens, it allocates the same amount of USD to its reserves, thus ensuring that USDT is fully backed by cash and cash equivalents.
The famously high volatility of the crypto markets means that cryptocurrencies can rise or fall by 10-20% within a single day, making them unreliable as a store of value. USDT, on the other hand, is protected from these fluctuations.
This property makes USDT a safe haven for crypto investors: during periods of high volatility, they can park their portfolios in Tether without having to completely cash out into USD. In addition, USDT provides a simple way to transact a U.S. dollar equivalent between regions, countries and even continents via blockchain — without having to rely on a slow and expensive intermediary, like a bank or a financial services provider.
However, over the years, there have been a number of controversies regarding the validity of Tether’s claims about their USD reserves, at times disrupting USDT’s price, which went down as low as $0.88 at one point in its history. Many have raised concerns about the fact that Tether’s reserves have never been fully audited by an independent third party.
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How Many Tether (USDT) Coins Are There In Circulation?
There is no hard-coded limit on the total supply of USDT — given the fact that it belongs to a private company, theoretically, its issuance is limited only by Tether’s own policies. However, because Tether claims that every single USDT is supposed to be backed by one U.S. dollar, the amount of tokens is limited by the company’s actual cash reserves.
Moreover, Tether does not disclose its issuance schedules ahead of time. Instead, they provide daily transparency reports, listing the total amount of their asset reserves and liabilities, the latter corresponding to the amount of USDT in circulation.
As of September 2020, there are over 14.4 billion USDT tokens in circulation, which are backed by $14.6 billion in assets, according to Tether.
How Is the Tether Network Secured?
USDT does not have its own blockchain — instead, it operates as a second-layer token on top of other cryptocurrencies’ blockchains: Bitcoin, Ethereum, EOS, Tron, Algorand, Bitcoin Cash and OMG, and is secured by their respective hashing algorithms.
How does Tether work?
Tether tokens exist as digital tokens built on bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP and OMG blockchains. These transport protocols consist of open source software that interface with blockchains to allow for the issuance and redemption of cryptocurrency tokens, in our case, “Tether tokens.” Tether Platform currencies are 100% backed by Tether’s reserves. Tether tokens are redeemable and exchangeable pursuant to Tether Limited’s terms of service. The conversion rate is 1 Tether USD₮ token (USD₮) equals 1 USD.
The Tether Platform is fully reserved when the sum of all Tether tokens in circulation is less than or equal to the value of our reserves. Through our Transparency page, anyone can view both of these numbers on a daily basis.
Tether was originally created to use the Bitcoin network as its transport protocol—specifically, the Omni Layer—to allow transactions of tokenised traditional currency. Since this original version of Tether uses the Bitcoin blockchain it inherits the inherent stability and security of the longest established blockchain network.
Tether on the Ethereum blockchain, as an ERC20 token, is a newer transport layer, which now makes tether available in Ethereum smart contracts or decentralized applications on Ethereum. As a standard ERC20 token it can also be sent to any Ethereum address.
Since Tether tokens are currently available using different transport protocols, when users send Tether tokens to other addresses, they need to carefully check the destination address to confirm they are selecting the correct transport protocol.
What real-world currencies does Tether support?
Tether initially supports US Dollars (USD), Euros (EUR), and the offshore Chinese yuan (CNH). Represented by ₮, Tether platform currencies are denoted as USD₮, EUR₮, CNH₮.
Who can use Tether?
Tether enables businesses – including exchanges, wallets, payment processors, financial services and ATMs – to easily use fiat currencies on blockchains. Some of the largest businesses in the digital currency ecosystem have integrated tether.
View industry supporters.
Individuals can also use tether-enabled platforms to transact with Tether tokens.
How does Tether protect me from cryptocurrency volatility?
Because they are anchored or ‘tethered’ to real-world currencies on a 1-to-1 basis and backed by our reserves.
Tether tokens are new assets that move across the blockchain just as easily as other digital currencies. Tether currencies are not money, but are digital tokens formatted to work on blockchains. Tether tokens hold their value at 1:1 to the underlying assets.
How do I know my Tether Tokens are secure?
Tether is built on top of the revolutionary and cryptographically secure open blockchain technologies and adheres to strict security and global government laws and regulations.
All Tether tokens are pegged at 1-to-1 with a matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by Tether’s reserves. As a fully transparent company, we publish a daily record of our bank balances and the value of our reserves.
Tether tokens can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying pegged asset) pursuant to Tether Limited’s terms of service.
Where can I use Tether tokens?
We want to make Tether tokens usable everywhere where you can use digital currency and in many places where digital currencies is not currently accepted.
Is Tether transparent?
Yes. Tether’s platform is built to be transparent at all times. All Tether tokens are backed 100% by Tether’s reserves.
How much does Tether cost to use?
View details on our fee information page.
Do I have to go through the KYC process?
Going through our know your customer (KYC) form and approval process is required to issue and redeem USD₮, EUR₮ and CNH₮.
In what countries and states does Tether have limited functionality?
Tether is committed to operating in a secure and transparent way, while adhering to all government compliance and regulations. This includes the regulations and economic sanctions that prohibit transactions from persons and entities connected to certain high-risk jurisdictions.
Persons domiciled or resident in the following jurisdictions are prohibited from using the Tether platform.
Cuba; Democratic People’s Republic of Korea (North Korea); Iran; Pakistan; Singapore; Syria; the Government of Venezuela; and Crimea. Verified Users’ access to the Tether platform will be restricted while they are in these restricted jurisdictions.
U.S. persons are also restricted from using the Tether platform unless they are Eligible Contract Participants (“ECP”) pursuant to U.S. law.
for US Residents
What Tether features can U.S. residents access?
Unfortunately, Tether has decided to stop serving U.S. individual and corporate customers altogether. As of January 1, 2018, no issuance or redeeming services will be available to these users.
Exceptions to these provisions may be made by Tether, in its sole discretion, for entities that are:
Established or organized outside of the United States or its territorial or insular possessions; and,
Eligible Contract Participants pursuant to U.S. law.
Do I qualify as an Eligible Contract Participant?
An Eligible Contract Participant includes a corporation that has total assets exceeding $10,000,000 and is incorporated in a jurisdiction outside of the United States or its territories or insular possessions. This will be the principal basis upon which we will continue to do business with selected U.S. persons.
Reference of this Information
Tether (USDT) official website ,whitepaper ,Tether gold
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