What is Tether (USDT)?
Tether (USDT) is a type of cryptocurrency known as a stablecoin, which means it’s designed to maintain a stable value by its price being matched to the US dollar. This means that each USDT token is meant to be equivalent to one US dollar, providing stability in the often volatile cryptocurrency market. Tether is widely used for trading and transactions because it combines the stability of traditional currency with the flexibility of digital assets. Many people use Tether to store their money while still being able to trade other cryptocurrencies quickly and easily.
- Market cap$223.5BThe current price of USDT multiplied by its current circulating supply.
- 24hr volume$164.0BThe total dollar value of all USDT transactions over the past 24 hours. Includes data from all exchanges, not just bitcoin.com.au.
- Supply139.9BThe amount of USDT that is currently liquid and in circulation.
Tether’s features
USDT’s main appeal is its stability. While the value of traditional cryptocurrencies can fluctuate wildly, USDT strives to maintain a 1:1 value with the US dollar, offering a safer option for users who want to avoid market volatility.
As a digital currency, USDT offers the efficiency of cryptocurrencies — fast transactions worldwide with minimal fees. It’s like having dollars that you can send anywhere in seconds, without needing a bank.
Each USDT is claimed to be backed by a corresponding US dollar held in Tether's reserves, providing users with confidence their digital dollars have real-world value. This backing is crucial for maintaining USDT's peg to the USD and ensuring its stability as a digital currency.