Tether, a token created by Tether Limited and affiliated with the Bitfinex trading platform, operates on the Bitcoin blockchain using the Omni Layer digital currency protocol.
The primary objective of Tether is to offer stability to cryptocurrency traders and participants in the market. This is achieved by claiming that Tether is backed by US dollars held in Tether Ltd’s bank accounts, resulting in less volatility than other cryptocurrencies. However, the veracity of this claim remains unverified, leading the U.S. Commodity Futures Trading Commission to issue subpoenas to both Tether and Bitfinex. Additionally, Tether Ltd emphasises that the Tether token is not considered a financial instrument, and its owners do not possess any rights for legal claims or guarantees against losses.
Tether is widely adopted and serves as the primary stablecoin for numerous exchanges, particularly those facilitating crypto-to-crypto transactions. The total supply of Tethers has increased to $2.8 billion, and during the summer of 2018, approximately 80% of Bitcoin trading volume involved Tether transactions.
To find out more, explore this coin on Dewalist Coins. Visit the relevant charts to understand Tether’s performance in detail, including daily, weekly, monthly, yearly, and overall timeframes. Comprehensive historical data is also available to study past trends and movements.
Furthermore, by analysing its presence in various markets and through social media, you can gain insights into its popularity and community support. News updates could also offer a wealth of information about the coin’s current events, developer updates, and more. So, consider these resources for in-depth research and analysis to understand this coin comprehensively.
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