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The Stablecoin Revolution

Stablecoins are now an indispensable part of the blockchain economy. As tokens that keep their value in line with a traditional fiat currency like the US dollar, they offer a way for crypto investors to trade, hold, spend, and be assured that, should the market crash, their gains do not disappear. As well as not having to make the painful offramp into fiat, investors can keep their money within the crypto ecosystem and use their stablecoins for activities like lending, yield farming and other activities within the DeFi realm.

What is USDT?

Far and away the largest stablecoin by market cap is USDT, or Tether, was the first stablecoin to hit the market in 2014. It was USDT that set the mould for many future stablecoins and led to a wealth of competing options springing up due to its enormous success as an exchangeable, stable cryptocurrency.

To achieve this, USDT is a fiat-backed stablecoin that holds reserves of US dollars to back the value of its cryptographic equivalent. In theory, every one of USDT’s $61 billion dollar market cap has a corresponding US dollar that Tether Limited, the company behind the token, has in its reserves. This means the token does not change value – or only changes value by marginal cents – as the market ebbs and flows.

Is USDT Centralized?

Yes. Tether is a centralized stablecoin. This means that ultimately the Tether company itself, who also owns the Bitfinex exchange, controls the value of USDT, oversees the minting of new USDT tokens and pushes them into the market. It also means they are ultimately responsible for redeeming the value of the token. Although just about every single crypto marketplace accepts USDT as a unit of transaction, if that were to change for any reason, then it is Tether Limited to whom you would take the token in order to realize its US Dollar value.

Why Is Tether Controversial?

Tether is not without its controversy. The company has initially refused to be audited by outside parties to check that it has the reserves it claims to hold. It has also been accused of manipulating the price of Bitcoin, and its relationship with Bitfinex is also up for dispute. Regarding the issue of reserves, the Tether has recently stated it would conduct an audit to assuage lingering doubts over its ability to meet its liabilities and attempt to be more transparent, however doubts persist about its ability to truly match its ever escalating market cap.

In 2018, the price of the token dropped to $0.90 as a reaction to some of these concerns, but it has since recovered alongside the wider cryptocurrency market. 

Is Tether a ERC-20 token?

Yes. Tether exists on the Ethereum blockchain as an ERC-20 token. Roughly half of USDT’s entire supply – around $30 billion dollars – exists on Ethereum, but the token is also available on other blockchains, like Binance Smart Chain or the Tron Chain. This makes it incredibly fungible on the network, and being widely accepted on many protocols allows holders to tap into multiple DeFi opportunities.

When transacting with ERC-20 tokens of all types, Numio is a smart choice. Numio was the first Ethereum payment wallet to use zkRollups  to make transactions instant and nearly feeless. When wishing to store and use USDT for payment, Numio offers a non-custodial wallet that is free from KYC requirements and allows you to use your USDT that you have gained from trading and other activities in as seamless a manner as possible.

The Numio wallet not only allows you to buy cryptocurrency using your card, but it also gives you full control of your private keys. It’s optional digital identity also allows you to sign in to many sites through their secure authentication. Your USDT can also be used to comfortably interchange between various ERC-20 tokens straight from the wallet, without having to send it to an exchange to make the switch.

Is USDT Hard to Get?

If you are new to the world of digital assets then getting cryptocurrencies can be a confusing prospect. It may be a bit simpler with the top two Bitcoin or Ethereum, but what about that lesser known Ethereum token, such as USDT, that you have heard so much about?

Numio is a great choice for USDT. With Numio you can send and receive your stored USDT instantly and at the touch of a button. If you want to try something a bit more advanced you can use Numio to trade and swap USDT.

Download Numio to get Tether

How can I get USDT?

Getting USDT is easy on Numio. You can use your credit or debit card to purchase USDT, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as a payment. Whatever way you choose you can be sure that you are always in full control of your USDT.

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