USDT
Tether (USDT) is a fiat-pegged stablecoin that was initially built on top of Bitcoin via the Omni Layer Protocol. In September 2017, Tether announced they would be launching additional ERC-20 tokens for United States dollars on the Ethereum blockchain.
Each Tether issued into circulation is said to be backed by a one-to-one ratio with the equivalent amount of fiat currency held in a custodial account by Tether Limited, a Hong Kong-based company with close ties to the cryptocurrency exchange, Bitfinex.
Despite the controversy around the company's failure to provide a promised audit showing adequate reserves backing tether, as of April 2023, USDT is still the world's largest stablecoin by market cap and currently the third-largest cryptocurrency after BTC and ETH.
| Key Facts | |
|---|---|
Issued by | Tether Limited |
Name | Tether |
Symbol | USDT |
Address | 0xdAC17F958D2ee523a2206206994597C13D831ec7 |
Decimals | 6 |
Official site | |
Holders | Over 4.2M addresses as of April, 2023 |
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