Overview

Tether is a cryptocurrency that is blockchain-based whose coins are backed by a similar quantity of traditional fiat currencies. Tether token and the native of the Tether network are traded under the USTD symbol.

Tether is a cryptocurrency which is blockchain-based and issued on the bitcoin blockchain through the Omni Layer Protocol. Tether token and the native of the Tether network are traded under the USTD symbol. USTD unit is backed by US Dollar which is held in the reserves of the Tether Limited and can be redeemed with the Tether Platform. USTD can be stored, transferred, and spent just like any other cryptocurrencies.

USTD and other tether currencies were built to facilitate the transfer of national currencies, to give users a stable alternative to bitcoin, to give an option for exchange and wallet audits which are at present unreliable. USDT provides a substitute to Proof of Solvency technique by introducing a Proof of Reserves Process.

The sum of USDT in circulation can be checked on the Bitcoin blockchain through the tools provided at Omnichest.info in the Tether Proof of Reserves system. The correlated total amount of USD held reserves is proved by undergoing periodic audits by professionals and publishing the bank balance.