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USDT is commonly used by crypto investors who want a quick way to reduce their crypto exposure, but don’t want to exchange into USD.
The CEO of Tether is JL van der Velde, who is also the CEO of popular exchange Bitfinex. Bitfinex was the first exchange to release Tether on its trading platform. Nowadays, almost all major exchanges support USDT.
The Tether company has always claimed that each USDT released is backed by $1 USD in the Tether bank account. However, no public audit of the company’s bank account has been released. Subpoenas from the U.S. Commodity Futures Trading Commission were sent to Tether on December 6, 2017.
There has been a lot of controversy surrounding the USDT. Since USDT is on the Ethereum blockchain, many users have pointed out instances of the Tether company releasing massive amounts of USDT in short periods of time. Some considered USDT to be the ticking time bomb that will cause the next major crash in crypto, including famous economist Nouriel Roubini.
Tether used to be called Realcoin and was rebranded in November 2014 to Tether. This was done to avoid confusion that Tether is an altcoin.
If you have concluded that this is the coin for you, congratulations! Buy USDT here.