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Why buy Tether with OKX?
What is Tether (USDT)?
USDT is a stablecoin — a type of cryptocurrency that remains “tethered” to the price of the U.S. dollar. For every USDT, there should be an equivalent amount held safely by Tether Limited.
Tether was created to serve as a safe haven in a volatile crypto market, enabling users to easily store funds and avoid intense price fluctuations. It was designed to work like a digital dollar, merging the stability of a nonvolatile asset with the technological capabilities of a cryptocurrency.
Through the use of USDT, merchants, traders and individuals can send or receive money anywhere in the world, without using a middleman like a bank or incurring huge fees. Tether has also enabled crypto exchanges to provide more trading pairs, which has opened the gateway for more liquidity.
How does Tether work?
At launch, Tether was built using the Omni Layer Protocol, which allows digital assets and other smart contracts to be created on top of the Bitcoin blockchain. All Tether tokens are backed on a one-to-one basis with the U.S. dollar, with collateral held in reserve. The circulating supply of USDT can be tracked by the protocol, and the ledger is also stored on the Bitcoin blockchain, with verified transactions viewable via Omni Explorer.
When someone redeems USDT for dollars, the corresponding number of tokens are burned — and when someone purchases USDT, new tokens are minted.
Tether has now expanded to allow USDT to work on other blockchains including TRON, Ethereum and EOSIO.
As the tokens are backed by a government-issued fiat currency, the price of USDT should always remain stable. Through the use of USDT, traders can park their funds when markets are particularly volatile without having to cash out entirely. It's also a lot quicker and cheaper to exchange crypto to crypto, rather than crypto to fiat.
Where can I buy USDT?
If you want to add USDT to your portfolio, you can do it right here at OKX.
To buy USDT, you'll first need to sign up on OKX, where you can buy, sell or trade USDT for a whole host of other cryptocurrencies.
You can buy USDT easily via OKX using a debit or credit card, a bank transfer, Apple Pay or a number of other payment methods. Click on the Buy/Sell tab in the top navigation bar, then select USDT and the fiat currency you want to use to make the purchase.
From here, USDT can serve as your gateway to hundreds of other cryptocurrencies.