What Is Tether.to?
Tether.to USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token’s peg to the USD is achieved via maintaining a sum of dollars in reserves that is equal to the number of USDT in circulation. Originally launched in July 2014 as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain through the use of the Omni platform, it was later renamed to USTether, and then, finally, to USDT. In addition to Bitcoin’s, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains.
The stated purpose of USDT is to combine the unrestricted nature of cryptocurrencies — which can be sent between users without a trusted third-party intermediary — with the stable value of the US dollar. Brock Pierce is a well-known entrepreneur who has co-founded a number of high-profile projects in the crypto and entertainment industries. In 2013, he co-founded a venture capital firm Blockchain Capital, which by 2017 had raised over $80 million in funding. In 2014, Pierce became the director of the Bitcoin Foundation, a nonprofit established to help improve and promote Bitcoin. Pierce has also co-founded Block.one, the company behind EOS, one of the largest cryptocurrencies on the market.
Reeve Collins was the CEO of Tether for the first two years of its existence. Prior to that, he had co-founded several successful companies, such as the online ad network Traffic Marketplace, entertainment studio RedLever and gambling website Pala Interactive. As of 2020, Collins is heading SmarMedia Technologies, a marketing and advertising tech company.
Tether.toStorage Key Points
|Circulating Supply||39,838,509,134 USDT|
|Source Code||Click Here To View Source Code|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Tether.to converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the offshore Chinese yuan.
Tether.to Every Tether token is always 100% backed by the reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every Tether token is also 1-to-1 pegged to the dollar, so 1 USD₮ Token is always valued by Tether at 1 USD.
Tether.to The value of our reserves is published daily. The value of the reserves matches or exceeds the value of all tethers in circulation.
Tether.to platform is built on top of open blockchain technologies, leveraging the security and transparency that they provide.
Tether.to is the most widely integrated digital-to- fiat currency today. Buy, sell, and use Tether tokens at Bitfinex and other major exchanges and service providers.
Tether.to blockchain-enabled technology delivers world-class security while meeting international compliance standards and regulations.
How does Tether work?
Tether.to tokens exist as digital tokens built on bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP and OMG blockchains. These transport protocols consist of open source software that interface with blockchains to allow for the issuance and redemption of cryptocurrency tokens, in the case, “Tether tokens.” Tether Platform currencies are 100% backed by Tether’s reserves. Tether tokens are redeemable and exchangeable pursuant to Tether Limited’s terms of service. The conversion rate is 1 Tether USD₮ token (USD₮) equals 1 USD.
The Tether Platform is fully reserved when the sum of all Tether tokens in circulation is less than or equal to the value of the reserves. Through the Transparency page, anyone can view both of these numbers on a daily basis. Tether was originally created to use the Bitcoin network as its transport protocol—specifically, the Omni Layer—to allow transactions of tokenised traditional currency. Since this original version of Tether uses the Bitcoin blockchain it inherits the inherent stability and security of the longest established blockchain network.
Tether.to on the Ethereum blockchain, as an ERC20 token, is a newer transport layer, which now makes tether available in Ethereum smart contracts or decentralized applications on Ethereum. As a standard ERC20 token it can also be sent to any Ethereum address. Since Tether tokens are currently available using different transport protocols, when users send Tether tokens to other addresses, they need to carefully check the destination address to confirm they are selecting the correct transport protocol.
Tether.to initially supports US Dollars (USD), Euros (EUR), and the offshore Chinese yuan (CNH). Represented by ₮, Tether platform currencies are denoted as USD₮, EUR₮, CNH₮.
Tether.to enables businesses – including exchanges, wallets, payment processors, financial services and ATMs – to easily use fiat currencies on blockchains. Some of the largest businesses in the digital currency ecosystem have integrated tether. View industry supporters. Individuals can also use tether-enabled platforms to transact with Tether tokens.
Tether.tois built on top of the revolutionary and cryptographically secure open blockchain technologies and adheres to strict security and global government laws and regulations. All Tether tokens are pegged at 1-to-1 with a matching fiat currency (e.g., 1 USD₮ = 1 USD) and are backed 100% by Tether’s reserves. As a fully transparent company, they publish a daily record of the bank balances and the value of our reserves.
Tether tokens can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying pegged asset) pursuant to Tether Limited’s terms of service.