[cryptocurrency series] Tether

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Leading Founders: Giancarlo Devasini, Philip Potter

Founded: November 2014

Issue size: Currently more than 3.08 billion USDT

Introduction:
Tether (trade name: USDT) is a stablecoin linked to the US dollar. Tether promises that users can exchange 1:1 for USDT and USD. The purpose of USDT was to solve the price volatility issue experienced with cryptocurrency such as Bitcoin and Ethereum. If cryptocurrency is to be used in daily life, price stability must he established, hence the creation of stablecoins.

Tether issues USDTs which have the same value of US dollar. The company claims to comply with the 1:1 reserve guarantee, that is, for every USDT issued, the company will have 1 dollar guaranteed. Users can check the status of funds on Tether’s platform to ensure transparency. Since prices of cryptocurrency often fluctuates greatly, USDT is considered a safe alternative because it’s linked to the US dollar. However, the USDT is highly controversial, mainly because people are worried about supporting the financial assets are backed by and the rapidly increasing supply.