Tether is a cryptographic analogue of the US dollar, the first and most popular stablecoin in the world. The essence and uniqueness of this asset lies in the fact that it is fiat-backed by US dollars (USDT - United States Dollar Tether). Its value is always stable and constantly strives for a 1:1 ratio with the US currency.
Tether appeared on the cryptocurrency market in 2015, and as of early June 2021, USDT is the world's third-largest cryptocurrency in terms of trading volumes, behind only Bitcoin and Ethereum. The total market capitalization of Tether exceeds $62 billion.
The main idea of the project is the stability of the coin, the reflection of the dollar and the free conversion of American currency into digital money. Thus, Tether bridges the gap between virtual assets and fiat funds.
The creators of the cryptocurrency, developers from Tether Limited, assure that the value of the coin is backed by 20% of the reserves of US dollars, which are stored in the bank accounts of the company from Hong Kong.
The peculiarity of USDT is that the cryptocurrency solves the key problems of digital assets - the insecurity of fiat funds and the volatility of the exchange rate.
The price of USDT does not depend on how often the coin is bought and sold. The general situation in the cryptocurrency market also does not greatly affect the quotes of the coin. Analyzing the USDT rate chart, we can conclude that the trading range does not exceed 1.5-2%.
The exchange rate of Tether against the hryvnia depends on the exchange rate of the fiat currency to which the coin is pegged, on the general situation in the financial markets and on the global economic situation in the world. Thus, the strengthening of the dollar always entails the strengthening of the USDT positions. In addition, the USDT rate is largely dependent on Tether Limited, which actually has to maintain the amount of Tether in circulation, and the rate subsidence is still possible. To find out the current USDT to hryvnia exchange rate for today, use the online USDT exchange rate calculator.