What is Tether?

Tether was developed in 2014 with the intention of upsetting the traditional financial system through the use of a more modern money method. Tether was also a forerunner in the stablecoin paradigm and is the most widely traded. Tether also claims to be the most liquid, reliable, and trusted stablecoin. Tether, as a stablecoin, is pegged to the value of the US dollar and is 100% backed by Tether’s reserves.‍

The team

Tether was created by a group of Bitcoin enthusiasts and trendsetters who were driven to promote the digital use of fiat currency. Brock Pierce, an American entrepreneur, co-founded Tether with Craig Sellars and Reeve Collins. Reeve served as the CEO of Tether for the first two years. JL van der Velde is the current CEO of Tether, while Giancarlo Devasini serves as the CFO.

Key Features

Tether is compatible with several blockchains, including Ethereum, TRON, EOS, Algorand, Solana, OMG Network, and Bitcoin Cash. Another advantage Tether has is unrivalled liquidity, since its tokens are among the most traded in terms of daily volume, providing unrivalled liquidity. Furthermore, USDT is fully backed by Tether reserves, which equal or exceed the amount needed to redeem all Tether tokens in existence.

Metrics (as of 6th September 2022)

Price

$1.0

Market Cap

$67,547,057,290

Circulating Supply

67.55B USDT

24Hr volume

$59,394,862,957

The timeline below illustrates the sharp gains (and losses) that Bitcoin has experienced over the years: 18th July 2010 – Major BTC exchange MtGox opens US$0.05 31st May 2011 – Foundation of BTC payment service provider BitPay US$8.80 10th June 2011 – Height of the first BTC ‘bubble’ – first legal concerns US$28.92 28th November 2012 – Bitcoin has its first “halving day.” US$12.20 28th March 2013 – BTC market cap surpasses USD 1 billion US$88.92 11th September 2013 – The number of merchants accepting BTC exceeds

1,000 US$121.46 February 2014 – Attack on exchanges lead Mt. Gox to collapse. Bitcoin price craters. February 2021 – Bitcoin hit the $1 Trillion dollars market cap 7th September 2021 – El Salvador adopted Bitcoin as a legal tender

Timeline of Tether

In October 2014, Tether was launched.

In January 2018, USDT supported on the Ethereum blockchain.

In March 2019, USDT introduced to TRON blockchain.

In July 2019, Tether released on Algorand blockchain.‍

In March 2021, Tether launched onSolana.

In May 2021, USDT launched on Avalanche network.

In March 2022, USDT launched on Polygon network.

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