What is Tether (USDT) in 2022?

In 2022, Tether's USDT accounted for most of the exchanges out of Bitcoin by value. Tether (USDT) is a stablecoin, a type of cryptocurrency pursuing a steady valuation. Tether is used by investors who want to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system.

What is USDT & how does it work?

USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to the U.S. dollar. According to Tether, whenever it issues new USDT tokens, it allocates the same amount of USD to its reserves, thus ensuring that USDT is fully backed by cash and cash equivalents.

Is Tether (USDT) the third-largest cryptocurrency by market cap?

Binance Coin (BNB), the native cryptocurrency of the Binance exchange, has just unseated Tether (USDT) as the third-largest crypto by market cap. Reporting on allegations made against Tether’s parent company Ifinex, Tether has released follow up comments to deny any wrongdoing in the market.

Where can I buy Tether / USDT?

It is possible to buy Tether / USDT on a large number of cryptocurrency exchanges. In fact, USDT’s average daily trading volume is often on par or even exceeds that of Bitcoin. It is especially prominent on those exchanges where fiat-to-crypto trading pairs are unavailable, as it provides a viable alternative to USD.