Tether (USDT)

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Official site (website): https://tether.to iOS app download (iphone): https://itunes.apple.com/us/app/tether.to/id1121023016 Android app download: https://play.google.com/store/apps/details?id=com.tether.walletto Official Twitter account: https://twitter.com/Tether_to/ Official Facebook account (fb): https://www.facebook.com/tether.to Support email address: mailto:support@tether.to Official LinkedIn account: https://www.linkedin.com/company/tether PDF document file: https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf Explorer: http://omnichest.info/lookupsp.aspx?sp=31 CoinMarketCap (coin market cap): https://coinmarketcap.com/currencies/tether/ Alexa website traffic ranking: https://www.alexa.com/siteinfo/tether.to

Truth and facts[edit]

  • Tether is a global, fast and secure digital money for a digital age.
  • Tether provides greater freedom, security, and access to money, the first real-world currency platform on the Bitcoin Blockchain.
  • Tether provides a secure, fast, and low-cost way to store, send, and receive money on the Blockchain as if it were bitcoin.
  • US dollar tether is basically a crypto currency of its own and one tether or one token represents one US dollar in value and that's pegged to the reserves the tether company have in their bank accounts.
  • 1 US Dollar (USD) = 1 Tether (USDT), though sometimes fluctuates a bit, for example 1 USD = 1.01.

Official

  • Slogan: Bringing real-world currency to the Blockchain.
  • Tether is based in United States.

Token

  • The official ticker symbol for Tether token: USDT
  • Started in November 2014

Video Playlist[edit]

USDT - Tether Explained

00:00 Guys thanks for tuning in to another episode of nuggets news.
00:01 In tonight's video I just want to discuss the u.s.
00:02 Dollar tether and it's been the subject of debate a couple of times over the years.
00:08 So I just want to jump into exactly what it is and how it came about.
00:09 So the US dollar tether is basically a crypto currency of its own and one tether or one token represents one US dollar in value and that's pegged to the reserves the tether company have in their bank accounts.
00:23 So that's been the subject of a bit of debate and I'll talk about that towards the end of the presentation.
00:30 So 319 million tether on issue at the moment, they came about because a lot of exchanges were having issues dealing with US dollars and anytime you go in and out of US Dollars, it opens up a big can of worms to do with compliance issues, legal issues, know your customer, anti-money laundering policies and for that reason, a lot of exchanges will just sit there, customers funds in u.s.
00:53 Dollar tether and price their coins in the USDT, so over the years we have seen banks have issues with their, sorry, exchanges have issues with their banking partners and last year Wells Fargo, and Bitfinex had a lot of issues with deposits and withdrawals, and for that reason there was concern about the liquidity of the tether token being able to actually exchange it to and from their bank account to give it value.
01:19 And for that reason, we saw the the tether lose its $1 pegging and drop down into the 90s as people were sewn to pricing the risk of whether or not you would be able to actually redeem you your tethers and if they still had value.
01:32 This is from the tether website here, they're aiming to be a stable currency, a hundred percent backed, transparent with their audit process, build on the Bitcoin blockchain via the Omni layer protocol.
01:46 So it is nice and secure being on a blockchain and widespread integration as we have seen a lot of adoption now from users and exchanges alike.
01:55 Now this is from their wallet page and what it shows here is the assets and liabilities.
02:02 So tether on issue and that the debates been around whether or not they do have that 319 million in their bank account, with their banking partners.
02:11 So that if there's ever a liquidity crunch and everyone rushes to sell or exchanges need to sell a lot of tether, are they going to be able to pay customers out.
02:20 And is that process gonna be nice and fluent or our banks gonna create issues again and putting those deposits and withdrawals on hold, so because of those laws that I've mentioned.
02:34 Here's another website you can, if you ever need to check out the Omnichest.info which gives a real-time report of the number of tether tokens that are actually on issue at a given point in time.
02:47 Here's the article I want to jump into today from coin Telegraph.
02:50 This is the part that's of worrying for a lot of users from the legal section of the tether website.
02:58 Once you have tethers you can trade them, keep them or use them to pay people, but tethers are not money and are not monetary instruments.
03:06 There's no contractual right or other legal right or legal claim against us to redeem or exchange your tethers for money.
03:15 We do not guarantee any right of redemption or exchange of these tethers buyers for money, there is no guarantee against losses when you buy, trade, sell or redeem tethers.
03:25 So it kind of goes against the grain of what they've said they're trying to be, as I've just mentioned, being a stable currency, 100 percent back, transparent, secure and then going out to say that legally you know they don't have to redeem these, so mixed messages there.
03:42 And hopefully they clear that up very soon but here's a post from Bitfinex drew from reddit, where he's saying Bitfinex does not own tether, obviously the two have a close relationship, they don't own Tether, it's a sister company with a minority percentage of overlap and questioning the banking issues.
04:02 He's saying institutional customers are regularly moving hundreds of thousands of even millions of dollars in and out of fear, to and from the Bitfinex exchange to the tether bank accounts.
04:13 So he's saying that the audit will be complete this year it's currently under that coming soon status which is what's worrying people when he's put out the bit to anyone that wants to take it 5 bitcoin that the tethers or the process will be in fact completed this year, and that's gonna relieve a lot of nerves.
04:31 I think for the people that are worried whether or not this is a hundred percent backed and if they can afford to pay everyone out if everyone decides to sell their tether.
04:38 That lack of transparency is a bit of the issue and people just trying to get their head around exactly how this all works and how it's come about and I don't think this is a case of funny money, I don't think that continually issued tethers without having them backed.
04:55 Okay it'll be one of the greatest scams of all time if they indeed shown to be insolvent.
05:00 Not a conspiracy theory, I think these are healthy concerns by people that understand how it works and obviously last year when they had the banking issues, only 66 million were on issue and since then we're up to nearly 320 million.
05:15 So I don't think there's any way that you can do that sort of money and just sweep it under the rug.
05:21 I think this is a legitimate company that I believe our hundred percent backed.
05:25 Finally I just want to touch on another point that's really important.
05:31 So we're arguing whether or not they're a hundred percent back now.
05:35 Lots of people that have got into cryptocurrency understand without how banks can do, fractional reserve banking.
05:41 So if you lend a bank hundred dollars reserve requirements or ratios change from bank to bank but they typically hover around ten or twenty percent, depending on what country you're in.
05:52 So if you deposit a hundred dollars to a bank, the bank is only actually required to keep ten dollars okay.
05:57 Now this opens up a lot of issues and that's why central banks and bankers fear bank runs.
06:06 So if ten people with $1,000 all go to a bank, in theory they should have $10,000 in case all the customers want to withdraw their money at once.
06:14 Okay and this is the issue here, being a hundred percent back.
06:18 Now in the real world, banks aren't required to keep a hundred percent.
06:22 So if those 10 people that deposited a thousand dollars all go to the bank to redraw that money, the bank may only have a thousand dollars in reserves, so ten percent, so only one of those people get can get pay and the other nine don’t.
06:34 So this this just dives into a greater debate talk about the hours and a lot of you guys will be aware of this if you've got into cryptocurrency about how the financial system is, is only fractionally backed and they allow to lend out it only keeping a minority in their reserve requirements.
06:53 So the fact that we're debating whether or not this is a hundred percent backed in the real world, banks only keep ten percent okay.
06:58 I'm not saying they should only keep ten percent, tethers should be a hundred percent backed, but I just want people to be aware of this issue and why we see bank runs in and and banks go into meltdown because once customers start to withdraw deposits okay, they can very quickly empty the balance sheet of banks.
07:15 So a great topic and I'm great I love seeing you guys dive into these issues and to have a deep understanding of these issues, is really important as we further our crypto journey and this is going to become a a big part of the crypto world in the future if we continue to grow okay, there's going to be more and more tethers on issues.
07:36 So as always guys, please give this video a like, if you've enjoyed it, share these videos around, subscribe if you haven't already and as always thanks for tuning in, Cheers.

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