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April 25, 2022

What makes Tether (USDT) special?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

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Now, let’s get to it and talk about Tether, specifically USDT. Tether is a stable coin, meaning that its value closely follows that of a real-world currency. That means 1 Tether is always worth 1 US Dollar. This makes it a very useful crypto currency to do everyday transactions with, because it doesn’t fluctuate in price.

Tether achieves that by holding the real-world money equivalent of all Tethers combined in a reserve, and guaranteeing the value of a Tether through that. In other words, the company will always buy a Tether back for one Dollar, and in doing so, creates a stable price.

But Tether is not the only stable coin, so what made it so popular that it currently is the fourth largest crypto currency? It is the ability to operate on multiple different blockchains at the same time, like Bitcoin, Ethereum, and Solana. That means it has a much larger potential user base and payments work between blockchains. It’s like sending money directly from your Paypal to a friend’s Venmo.

And that’s Tether! And next time we talk about Nr. 5 on the list: Solana!

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