USDT: The Crypto Version of a Fiat Currency

Accepting USDT as the crypto version of a fiat currency called the United States Dollar (USD), was somewhat of a difficult task as a newbie in the crypto space. After studying this tether token for a while, I discovered it is more stable than the rest.
In the world of cryptocurrencies, USDT has been serving the role of a base currency in the crypto market.

By "base currency", I mean other tokens are valued with it or traded as quote tokens against it.

Here, we will discuss some amazing facts about the US Dollar Tether (USDT).

USDT as a Crypto Version of USD

USDT is the Tether trading symbol. It is a cryptocurrency that is rooted in the United States Dollar, which makes it a stablecoin.

Although it is backed by the Tether dollar reserve, its price often fluctuates in minute values.

If you are wondering who is behind the USDT, let me create awareness of a group of people called Tether.

Tether is an organization owned by iFinex, a company that is registered in Hong Kong.

They also own the popular crypto exchange platform called "BitFinex".

However, the stable nature of the USDT has made traders in the crypto space liken it to the traditional US Dollar.

Just that you should know: Tether is a fully centralized organization with makes USDT a centralized digital entity.

CONCLUSION

As the world is developing, there is a need to adjust to digital financial standards which is why the USDT was created to keep all other cryptocurrencies in check.

Most times USDT happens to have a value ratio of 1:1. This means 1 USDT = 1 USD.

That is all for now. Thank you for reading through this article. Please do well to share your knowledge about USDT with us in the comment section.

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