Tether (nine) (USDT)
Tether was one of the first and most common of a class of cryptocurrencies known as stablecoins, which tend to minimize uncertainty by pegging their market value to a currency or other external reference point. Tether and another stablecoins aim to smooth out market fluctuations since most digital currencies, including big ones like Bitcoin, have undergone repeated periods of extreme volatility. The framework enables users to make transactions from other crypto currencies to US dollars faster and more conveniently than converting to regular currency.
Tether, which was established in 2014, describes itself as a “blockchain-enabled platform designed to promote the digital use of fiat currencies.” This cryptocurrency effectively enables individuals to transact in conventional currencies using a blockchain network and related technology while avoiding the instability and uncertainty associated with digital currencies. Tether was the third-largest cryptocurrency by market capitalization in January 2021, with a total market cap of $24.4 billion and a per token value of $1.00.