Other popular stablecoins include Dai (DAI), USD Coin (USDC), TrueUSD (TUSD), Paxos Standard Token (PAX), Binance USD (BSD) among others. Just as the word “stable” indicates, stablecoins are a class of cryptocurrencies that aren’t at risk of considerable fluctuations. So, if you have 1 USDT, you have 1 USD - approximately.īefore we dive deeper into how Tether works, it’s crucial to give you an idea of stable coins and why Tether is currently the biggest stablecoin in the world. To that end, we can say it’s the digital version of the dollar. In other words, Tether is backed with a 1:1 ratio to fiat USD.
Tether is a cryptocurrency that has its value pegged to the US dollar. Unlike Bitcoin, Ethereum, or any other cryptocurrency in the world, the concept of Tether is quite convenient for everyone.
