Ok wait. Just a moment. What is Tether?
Please pardon me for my strings of crypto post recently. But let me simplify it, so what on earth is Tether?? Tether is a cryptocurrency that has the representation of 1 USD and “backed by a U.S Dollars held in the reserevs of the Tether Limited and can be redeemed through the Tether Platform” is used for transaction.
Using USD to buy USD..? What??
Now, it is said to be backed by U.S dollars held in the reserves of Tether Limited??
Now here’s a joke. The market capitalization of USD Tether is standing at $646 million, a 43x increment since January 2017. Which in another words, 630 million (43x) more USDT are created in this short duration.
To my knowledge, USDT are used in some exchanges like Bitfinex. A number of customers actually cashed out from their trades, and receive USDT