Tether does the job of bringing the real world currency to the blockchain. The list of Top USDT Balances are in Binance Cold Wallet, Huobi, Tether Treasury, Bitfinex, Bittrex, Kraken, and quarantined. These are the people who know to make the best use of the Tether opportunity. Tether is good because users get to access the joint benefits of open blockchain technology and also the traditional currency.
Users will be able to convert their traditional cryptocurrency in to Tether. Thus, users can send tokens that are pegged to Dollars, Euros, and Chinese Yuan in peer-to-peer transactions. These transactions happen across the globe and instantly. The transactions are secure and important of all it happens for just a fraction of cost for any traditional cash alternative. Fiat currencies can thus be used digitally by making use of Tether.
Integrating with Tether makes it very easy to add a stable digital currency solution to a business. Tether is hailed to be the blockchain compatible crypto dollar. This will in turn lead to improved price discovery, market transparency and liquidity. Users will be able to adopt cryptocurrency without the fear of volatility when transacting using crypto.
Commenting, Sydney Ifergan, the crypto expert opined “Tether (USDT) makes it possible to reap more rewards of stable currency on the blockchain.”
For clarity, Tether Platform currencies are 100% backed by Tether’s reserves. Tethers are redeemable and exchangeable pursuant to Tether Limited’s terms of service. The conversion rate is 1 tether USD₮ equals 1 USD.
Tether was primarily created to make use of the Bitcoin network like its transport protocol, particularly the Omni Layer to provide for transactions of tokenized traditional currency. The original version of Tether makes use of the Bitcoin blockchain and provides for the inherent stability and security of the longest established blockchain network.
Tether (USDT) Using the Right Transport Protocol
Tether are using different transport protocols and it is important that users ensure that they are using the right Transport protocol. Bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP and OMG blockchains are just a few transport protocols to name.
Tether supports several real world cryptocurrencies like US Dollars (USD), Euros (EUR), offshore Chinese yuan (CNH). Tether is represented by ₮, and the tether platform currencies are denoted as USD₮, EUR₮, CNH₮.
Tether therefore makes it possible for businesses including exchanges, wallets, payment processors, financial services and ATMs to easily make use of fiat currencies on blockchains. Major businesses in the digital currency ecosystem are already supporting Tether usage.