What is Tether?
In 2014, Reeve Collins, Brock Pierce, and Craig Sellars introduced Tether to the crypto market. Unlike the popular cryptocurrencies, it has a stable price to ensure that the traders won’t be exposed to the price movements and volatility of the market. Its price is set by the US Dollar equivalent, which means you will get one Tether coin in exchange for USD 1. The only difference is that USD is a centralized currency while USDT (USD Tether) is a decentralized currency that won’t abide by the rules of the banking institutions.
Therefore, as a gambler, you won’t have to face any drastic changes in the rules of dealing with the coins. Owing to its stable valuation, it is often used for holding assets and exchange, which is much better than investing in speculations and suffering from losses in case of opposite price movements. Initially, it was based on the bitcoin blockchain when Tether was launched. But it limited the usage, which is why later on, the currency was configured to suit other blockchains like Ethereum, EOS, OMG, Tron, and Algorand.
According to the statements issued by the company, one USDT will be backed USD worth $1. Therefore, there is no hard limit on the total number of coins mined during its entire life cycle. The company has assets worth USD 14.6 million, so the real coins mined and released into the liquidity pool and active circulation is 14.4 million. This cryptocurrency offers security according to the hashing algorithms of the blockchains where it will operate like bitcoin, ethereum, and so on.
Owing to the unique operative features of Tether, it has become one of the top-rated cryptocurrencies that have stabilized the market somehow and offered traders and investors to go for stable assets. Perhaps that’s one of the main reasons the online gambling industry has accepted it widely with open arms.