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

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What is Tether

USDT operates on multiple blockchains, allowing for quick and easy transfers that are recorded and traceable. This is a big selling point for anyone who deals in fiat but wants to utilize the benefits of blockchain technology.

Stablecoins serve as an effective bridge from fiat to crypto because they can interact with other digital assets while offering low fees and fast transaction times. They also enable people to send money anywhere in the world without needing to use banks or financial institutions, which could be slow and costly.

How to buy cryptocurrency and store it safely?

Why buy Tether with OKX?

Simple
OKX makes it easy to buy Tether with a user-friendly interface

Flexible
OKX offers a variety of payment methods and supports numerous local currencies to help users buy Tether

Fast
OKX users can instantly buy Tether with credit card and have it deposited in their account in minutes

How to buy Tether with EGP and store it safely?

Cryptocurrency is a new class of digital assets popularized by Bitcoin (BTC). While cryptocurrencies or digital/virtual currencies work much like their traditional fiat counterparts, the biggest difference between the two is the lack of centralized infrastructure and banks.Where fiat currencies are issued by and kept in banks, digital currencies are issued via distributed mechanisms that follow strict consensus protocols. This translates into cryptocurrencies being stored on blockchains which are largely immutable, much more transparent and globally accessible.Given their utility and growing list of use cases, cryptocurrencies are gaining popularity and one way to buy cryptocurrency is to use a reliable crypto exchange like OKX. On OKX, users can sign up, verify their identities and start buying Bitcoin and other cryptocurrencies instantly using credit cards, debit cards, bank transfers and other supported payment methods.Typically, when you buy cryptocurrency, you have to store it in a dedicated wallet, but the security of your digital assets depends on how safely your private key is kept. Every cryptocurrency wallet has a private key which allows complete access to the stored digital assets. If you lose your private key, you effectively lose your funds.Using an exchange like OKX also facilitates users because their newly purchased or traded digital assets are kept securely on the platform and are credited into users' accounts, available to be sold or transferred as required.Ultimately, users should always buy cryptocurrency from a reliable exchange, and if they withdraw their digital assets to a personal wallet, they should keep their private keys safe and backed up to ensure the security of their funds.

Want to learn more before you buy Tether?

Get detailed information about cryptocurrencies listed on OKX, including their tech, founders and price history.

FAQ

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