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Tether

Last Updated: February 16, 2024

USDT is a stablecoin pegged to fiat currency designed to maintain a stable value, particularly in volatile markets.

Background

Tether is owned by iFinex, the same company that owns BitFinex exchange.
USDT was created as an attempt to solve two perceived issues with existing cryptocurrencies at that time: high volatility and convertibility between fiat currencies and cryptocurrencies.

Launch

With the original name Realcoin, Tether was founded in July 2014 by Brock Pierce, Craig Sellars, and Reeve Collins. Built upon Mastercoin (Omni), a protocol layer for Bitcoin that introduced the stablecoin concept to the world in 2012, Tether pioneered what is now known as a fiat-collateralized stablecoin model.

How does it work?

Tether tokens are assets that move across the blockchain like other digital currencies but are pegged to fiat money. Tether supports multiple blockchains and on Ethereum USDT tokens are represented as ERC-20 tokens. ERC-20 tokens include a common set of rules that define how a token can be transferred, approved, and requested.

*Bullish supports only Ethereum’s ERC20 version of USDT.  If you send Bullish any USDT issued on another blockchain network, your USDT will be lost.

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