Tether is a government-backed stablecoin. This means it is a stablecoin supported by a government-guaranteed currency such as USD, CAD, AUD, and even Yen (JPY). Tether was created to provide a bridge between government-backed currencies and blockchain asset types, offering USDT users a transparent environment, stability, and low fees.
Tether was launched in July 2014 and rebranded as Tether in November 2014. It started trading in February 2015.
As of May 2022, Tether is the third-largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH), and the largest stablecoin with a market value of approximately $83 billion.
How Does Tether Work?
Each Tether (USDT) processed is backed by assets valued at one US dollar. Initially, all Tethers were processed through the Omni Layer protocol on the Bitcoin blockchain, but they can now be processed on any chain that Tether currently supports. Once a Tether (a single US dollar unit) is processed, it can be used in the same way as any other currency or token on the chain where it was processed. Tether currently supports the Bitcoin, Ethereum, EOS, Tron, Algorand, and OMG Network blockchains.
When a user deposits fiat money into Tether’s reserve by selling fiat money to purchase USDT, Tether gives the corresponding digital amount in tokens. USDT can then be sent, stored, or exchanged.
Tether uses the Proof of Reserves program. This means that at any point in time, its reserves will be equal to or greater than the number of Tethers in circulation.
How To Buy Tether (USDT)?
To buy Tether, you need to have an account on EgeMoney. If you have already registered, log in. If you are not a member, you can quickly become a member and move on to the next step.
You can send Turkish Lira 24/7 from the ‘Deposit/Withdraw’ tab by depositing Turkish Lira into your account.
To buy Tether (USDT), you can buy as much Tether as you want instantly with the TL in your account from the ‘Buy/Sell’ tab!
Visit our blog page for more information about Tether.
