Tether is a stablecoin that is fixed with the current price of U.S dollars. It is founded by a Hong Kong based company Tether. The fixed price of Tether and USD is achieved with reserves in traditional currency.
What is Tether’s Vision?
Tether was created as an attempt to solve two major issues with existing cryptocurrencies: high volatility and convertibility between fiat currencies and cryptocurrencies.
To address these perceived issues, Tether created a cryptocurrency that is fully backed 1:1 by deposits of U.S. dollars held at banks. On Ethereum, USDT tokens are represented as ERC-20 tokens, while on Bitcoin, Tether utilises the Omni layer, to represent USDT tokens. While the tokens themselves operate in a decentralised network, Hong Kong based Tether Ltd is solely responsible for creating and redeeming tokens as well as maintaining the 1:1 deposit backing.
By doing so, Tether is building a blockchain enabled platform to facilitate the digital use of traditional currencies.
Who Are The Founders Of Tether?
USDT was founded by Brock Pierce, Reeve Collins and Craig Sellars back in 2014. Back when USDT was launched, it was named as Realcoin before they renamed it to USDT before the public release.
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.
Other than working on Tether, Craig Sellars has been a member of the Omni Foundation for over six years. Its Omni Protocol allows users to create and trade smart-contract based properties and currencies on top of Bitcoin’s blockchain. Sellars has also worked in several other cryptocurrency companies and organisations, such as Bitfinex, Factom, Synereo and the MaidSafe Foundation.
How many USDT are there?
The total USDT supply is unlimited. However, the current circulation of USDT is more than 70 billion. The total supply of USDT is unlimited as it depends on the amount of USD in supplies.
What does USDT serve in the ecosystem?
Crypto users are able to exchange for USDT in major crypto exchange platforms.
How to mine Tether (USDT)？
USDT could not be mine. The only way is to purchase USDT through crypto exchanges or directly from Tether Limited.
Where to store USDT?
Tether (USDT) is hosted on the Bitcoin and Ethereum network, therefore, you would need to set up a wallet that supports them. Some of the popular crypto wallets that support USDT are MetaMask.
