USDT is a cryptocurrency that is used to help facilitate the transfer of national currencies. It provides an alternative to Bitcoin, but it is issued on the Bitcoin blockchain, through the Omni Layer Protocol. The Tether Limited backs the USDT unity with U.S. Dollars that they hold, and these units can be redeemed through the Tether Platform.
The USDT unit was created as an alternative currency to Bitcoin, and it is more stable than Bitcoin. It introduced a Proof of Reserves Process by providing an alternative to the Proof of Solvency methods that were previously used. Through the Tether Proof of Reserves System, one can see the currently amount of USDT that is in circulation by using the tools that have been provided by Omnichest.info.
By clicking here, one can easily check to see the USDT that is currently in circulation. At any time, USDT units will be denoted as TUSD. At any given time, the amount of USDT that is in circulation must coincide to the amount of USD in Tether Limited’s bank account. This is the only way that one can send or receive fiat currency to those who have redeemed or purchased tethers from the Tether Platform, directly.
Tether Limited publishes their bank account balance on their Transparency page. This is to provide those using the USDT the proof that they have the equivalent amount of USD in their bank account necessary for the transaction to take place. Plus, their accounts are frequently monitored and verified by professional auditors. They sign, publish, and verify Tether Limited’s financial transfer statement and underlying bank balance.
Compared to other types of cryptocurrencies, USDT is one of the simplest units to use and keep up with. Once on an exchange, users can purchase other cryptocurrencies and Bitcoin with USDT. Thanks to the Omni Layer system, USDT can easily be transferred from an exchange between wallets that are enabled by Omni Layer. Currently, Tether does not pose a transaction fee for those using their services. However, the external wallets that use Tether currency could change one.
If users want to convert their USTD to USD and vise versa, they are required to pay a small fee, when going through the Tether.to Platform. There are several exchanges that users can use to sell and buy their Tether for Bitcoin, but it can also be done through the official Tether.to platform. However, the Tether.to platform will also allow users to covert their USD to and from their bank account, as well.