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USDT is a stablecoin, a cryptocurrency whose value does not experience the volatilities seen in other virtual currencies. The token is said to be pegged to the United States Dollars and Euros on a scale of 1:1 by a Hong Kong based firm, Tether Holdings Limited. USDT was created in 2014 as Realcoin by Co-founders including Reeve Collins, Craig Sellars, and Brock Pierce. Over the years, the token has been renamed to USTether and then finally to the USDT is it known as today. USDT was originally built using the Omni Blockchain atop the Bitcoin network. In order to push for more acceptability and adoption, the token was launched on other blockchains. These alternative blockchains include the Ethereum blockchain, Tron Blockchain, EOS, and Algorand Blockchain amongst others. The most popular type of USDT which is Ethereum-based was launched in September 2017 as an ERC-20 token. Tether Limited claims to back the USDT it issued by the equivalent amount of the underlying fiat currencies. The firm publishes the amount of USDT in circulation on its Transparency page. However, the 1:1 peg claims have raised contentions as no independent audit report has been conducted or published to date.
As a stable digital token, USDT can be used by merchants and individuals to conduct business transactions. USDT can also be used as a hedge against price fluctuations of other cryptocurrencies. They can be traded on Coinbase or any cryptocurrency exchange and are supported on any ERC-20 compatible wallet.