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Tether Coin (USDT): Should you Buy?

Tether coin (USDT) is one of the top 5 most popular cryptocurrencies currently. In terms of market cap, it is currently the 4th largest digital currency (over US$76.46 billion in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Tether, how it works, and many more queries related to cryptocurrency markets. 

What Is Tether Stablecoin (USDT)? How does it Work?

Tether coin (denoted as USDT) is a stable-value cryptocurrency, which is popularly called a stablecoin. This token is issued by Tether, a Hong Kong-based company. It mirrors the price of the US Dollar (USD). Tether stablecoin is pegged to the US Dollar at a 1:1 ratio. The 1:1 pegged value of USDT is maintained through maintenance of a sum of cash and cash equivalents (including fiduciary deposits, commercial paper, treasury bills, and reserve repo notes) in reserves that are equal in US Dollar value to the number of USDT coins in circulation. 

This stablecoin was originally launched as Realcoin in July 2014 by its co-founders Brock Pierce, Craig Sellars, and Reeve Collins. Realcoin was a second-layer cryptocurrency that was created on top of Bitcoin’s blockchain by using the Omni platform. It was only later that Realcoin was renamed to USTether and finally to USDT. In addition to that of Bitcoin, USDT stablecoin was later updated to work on the Ethereum, OMG, Algorand, Tron, and EOS blockchains. 

The main purpose of creating USDT was to combine the stable value of the US Dollar (USD) with that of the unrestricted nature of cryptocurrencies (as per which you can send it between users without a trusted 3rd party intermediary). 

Over the years, USDT has come up as a safe haven for cryptocurrency investors as they can park their money and traditional currency in it during high volatility periods without having to cash out into US Dollar completely. In fact, USDT has become a highly preferred alternative to transacting in USD among countries and regions as it uses secured blockchain technology instead of the slow and expensive intermediaries such as banks or financial services. 

However, some have concerns over the lack of audit in Tether reserves. 

The Tether Controversy Explained

There is a vocal group of people who question the possible systemic risk that Tether poses to the cryptocurrency ecosystem through price manipulation. To reassure users about its stability, Tether put out an attestation about its reserves on August 2021. 

The naysayers believe that the real use of Tether is to keep the Bitcoin (BTC) price high. In fact, the New York attorney generals office has also investigated the claims around the company’s backing. In fact, a settlement has also been reached earlier this 2021 with NYAG and as part of the settlement, it has been prohibited from doing business in the capital of the US financial world, New York state. 

It has been found out that around half of the total bitcoin trades worldwide take place by using USDT. In an academic study, it was found out that on the crypto exchange Bitfinex a particular trader uses newly printed USDT for buying BTC, especially when the price of BTC falls. This is one of the major concerns around Tether. 

In 2019, New York state Attorney General Letitia James had pointed out that “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled [sic] client and corporate funds.” 

In response, the lawyer of Tether accepted that only 74 percent of Tether is backed by US dollars. Though Tether and Bitfinex don’t accept any wrongdoing, they paid US$18 million in fine as a settlement agreement. 

Though Tether claimed in a tweet that USDT was always fully backed by US Dollar, Attorney General James said “Tethers claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”

Tether Coin USDT: Facts & Figures

All these facts and figures (as of Dec 14, 2021) will help you to make a decision on investing in Tether USDT tokens. Before making Tether crypto transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • Tether USDT Coin Price: US$1.00 (Current Tether Coin Price)
  • 24hour Trading Volume (24h Volume): US$76,691,880,623
  • All-Time High (ATH) Price: US$1.21 (reached on May 27, 2017)
  • All Time Low (ATL) Price: US$0.0001018 (reached on Jun 14, 2021)
  • 24h Low: US$0.9982
  • 7d Low: US$0.998
  • 30d Low: US$0.998
  • 90d Low: US$0.998
  • 52 Week Low Price of Tether: US$0.9456
  • YTD (Year-To-Date) Return: -0.17% YTD (Year-To-Date) price change
  • Market Cap: US$76,462,438,992 (US$76.46 billion)
  • Crypto Rank (in terms of market cap): 4th in the crypto market
  • Fully Diluted Market Cap: US$79,370,089,089
  • Max Supply:
  • Total Supply: 79,351,995,261
  • Circulating Supply: 76.43 billion USDT

These are the facts that made Tether a preferred medium of exchange. Always check out market data and technical analysis before you buy Tether USDT stablecoins. Also, consult crypto financial advisors and get tips from them on trending coins and how to earn crypto easily. 

Tether Token USDT Price Prediction & Forecast

  • WalletInvestor’s USDT Price Prediction 
  • US$1.003 by 2022
  • US$1.008 by 2026

  • DigitalCoinPrice’s USDT Price Prediction
  • US$1.01 by 2022-2028

  • TradingBeasts’ USDT Price Prediction
  • US$1.2818836 by 2022
  • US$1.2818556 by 2023
  • US$1.2816193 by 2024

  • Gov.Capital’s USDT Price Prediction
  • US$1.672 by 2022
  • US$2.563 by 2023
  • US$3.753 by 2024
  • US$4.669 by 2025
  • US$5.668 by 2026

Where can you Buy Tether?

You can buy Tether in almost all top cryptocurrency exchanges including:

  • Binance
  • OKEx
  • HitBTC
  • Huobi Global, and many more.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular Tether price pairs are:

  • USDT/USD, and many more.

Before investing, check out historical data of token Tether, fundamental analysis, crypto news, Tether price charts, price performance, market updates, Tether to United States Dollar (USDT to USD) exchange rate, Tether price history, USDT speed, Tether price prediction and price forecast, and others. Try to keep USDT in your crypto portfolio for a more balanced and robust return on investment.

What are the Best Crypto Wallets to Store Tether Coins?

The best Tether cryptocurrency wallets to store USDT are:

  1. Ledger Nano X
  2. Ledger Nano S
  3. Trezor One
  4. Trezor Model T
  5. SafePal S1
  6. CoolWallet S
  7. CoolWallet Pro
  8. DCENT Biometric
  9. Security-Arts Quantum
  10. ShiftCrypto BitBox02
  11. Coinomi
  12. Omni Wallet
  13. MyEtherWallet
  14. Tether Wallet
  15. CryptoWallet
  16. Binance Wallet

Invest in Tether and Other Cryptocurrencies

You can buy and sell Tether and other virtual currencies (including Cardano price) against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Tether markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other digital assets such as USDT, XMR, FIL, ETC, WBTC, BCH, Bitcoin BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Tether, Binance Smart Chain based tokens, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, Internet Computer, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, Axie Infinity, and others. 

Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. 

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NapBots provides you with various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

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