“Digital money for a digital age”
Tether is a fiat-backed cryptocurrency which claims to offer “the joint benefits of open blockchain technology and traditional currency.” Since every Tether token is directly backed by a single dollar, users don’t have to worry about the notorious volatility of the cryptocurrency market.
The result is an ideal currency coin which can be sent and received digitally — like most other cryptocurrencies — but without the need for special treatment as a speculative investment. It’s a popular choice among day traders, who buy their coins of choice before bull runs and sell them for Tether before bear runs.
Unfortunately, it’s unclear whether the one-to-one US dollar backing offers any value, as the Tether team currently offers no option to buy back users’ tokens.
Origins and Team
According to their website, the Tether team features CEO J.L. van der Velde, CFO Giancarlo Devasini, and general counsel Stuart Hoegner. The project was originally launched in 2014 by Realcoin founder Brock Pierce.
Since every Tether is supposedly backed by a single US dollar, there’s no reasonable way to discuss the price history of USDT.
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