Convert USDT to USD
List of cryptocurrencies and tokens supported by PassimPay crypto wallet. Secure storage for a variety of digital assets.
btcBitcoin
tonToncoin
ftnFasttoken
ltcLitecoin
busdBinance USD
ethEthereum
bchBitcoin Cash
zecZcash
dogeDogecoin
bnbBinance CoinusdtTether
trxTron
usdcUSD Coin
xrpRipple
usddUSDD
eosEOS
adaCardano
shibShiba Inu
dashDash
hftHashflow
dydxdYdX
linkChainlink
aaveAave
crvCurve DAO Token
achAlchemy
maticPolygon
daiDai
nearNEAR Protocol
atomCosmos
twtTrust Wallet
dotPolkadot
avaxAvalanche
flowFlow
ksmKusama
solSolanaWhat is Tether?
Launched in 2014 by Tether Limited, Tether is the first and most popular 1:1 U.S. dollar-backed stablecoin.
Tether's creators originally stated that each coin was backed by one U.S. dollar. However, they later revealed that it is only 74% supported. The company now says Tether is backed not just by fiat but by other assets, namely partner loans.
USDT, created in the BTC platform using the Omni Layer protocol, is currently issued on the ERC-20 standard in the Ethereum blockchain. In addition to Bitcoin and Ethereum, USDT is available on EOS, Tron, Solana, and other platforms.
USDT Working Principle
Users deposit fiat money into the company's bank account, and the company, in turn, "transfers" USDT in the same ratio. Users can exchange or transfer these tokens. When the user redeposits Tether, the deposited tokens are "burned," and the fiat currency returns to the user.
USDT is extremely popular in cryptocurrency exchange trading. Due to its ability to save the difference by converting the cryptocurrency pair (e.g., BTC/USDT), the tokens are safe from crypto market volatility.
What is different about Tether is that it cannot be mined, as the USDT coins will only be issued once the fiat money has been deposited.
USDT Pros and Cons
- Regular internal analysis, with results publicly available;
- high transaction speed;
- low fees;
- stable exchange rate;
- availability on multiple platforms;
- high-level protection against hacker attacks.
The main disadvantage is Tether Ltd.'s image problem. Besides the scandal related to the backing of the entire volume of USDT with the U.S. dollar (which, as stated earlier, did not comply with it), there are sometimes jumps in the exchange rate. For example, in 2017, 1 USDT was equal to $0.91, but at the end of that year, it was $1.1. That can cause losses for large investors.
Moreover, the company does not guarantee the possibility of converting USDT into fiat currency. It reserves the right to terminate the user's service in the event of non-compliance with the terms.
Where to Buy and Sell USDT?
Making transactions with Tether is possible on its official website. It is initially necessary to sign up. To buy a coin, you need to top up your account with fiat currency and make a transfer. This method is quite complicated, as it requires detailed verification using personal documents. Furthermore, it is possible to buy and sell USDT on other exchanges with the possibility of exchanging stablecoin for other cryptocurrencies.
Where to Store USDT?
Almost any wallet will work to store Tether. You can use Tether's wallets, but you must pay approximately $150 for verification, which can take up to 5 weeks. Once verified, this money turns into credit to the user's account; otherwise, there is no refund. That is not the fastest, easiest, or most reliable method.
USDT storage is available through the PassimPay wallet. It is easy to use and has user data and funds' high-level protection through two-factor authentication, IP tracking to control authorization, a master key to restoring access to the account, etc.