July 2020 - Tether’s market cap hits $10 billion.

April 2019 - The New York Attorney General’s Office sues iFinex-Tether’s parent company-for allegedly using USDT to cover $850 million in lost funds.

June 2018 - An academic study is published suggesting Tether can be printed “regardless of investor demand.”.

December 2017 - The Tether supply surpasses one billion tokens.

November 2014 - Realcoin rebrands to Tether and enters private beta.

July 2014 - Realcoin, a token backed by the US dollar, launches.

One of Tether’s founders, Brock Pierce, starred in multiple Disney films when he was a child actor in the early 1990s. As many exchanges find it impossible to set up a fiat bank account, some have resorted to holding their funds in Tether tokens. Tether trading pairs are a common way to denominate prices in fiat currency, which most people can more readily understand. It is also a popular asset for the exchanges themselves.

It is frequently used by traders and investors as a way to maintain a stable store of value while still holding a position in the market. Tether is widely accepted on most crypto exchanges and can be used to easily purchase cryptocurrencies. It shares most of its management team with the cryptocurrency exchange Bitfinex, including its CEO, chief strategy officer, and general counsel. Tether Limited developed the cryptocurrency towards the end of 2014, under the name “Realcoin” prior to its rebranding as Tether.īased in the British Virgin Islands-a jurisdiction known for its lax regulations-the company’s head offices are in Hong Kong. Tether is also available for the euro, and Japanese yen.

In a nutshell, Tether is meant to work as follows whenever a user deposits a US dollar to Tether’s account, Tether Inc-the company behind Tether the stablecoin-mints one Tether in return. Tether claims that every token is backed by a dollar held in its reserves the value of the token is kept stable by bots buying and selling whenever its value fluctuates from the dollar. Stablecoins are designed to be pegged to a given currency in the case of Tether’s main USDT cryptocurrency, the U.S. Tether is a type of cryptocurrency known as a stablecoin. It’s designed to enable users to navigate the crypto industry without being exposed to unpredictable prices. That’s where a cryptocurrency like Tether (USDT) comes in. To critics of cryptocurrencies-like China’s major payment institutions-this price volatility makes them poorly suited to being actual currencies because their value can change quickly, making an agreed price hard to come by.

Things to do in universe sandbox 2