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project icon for tether

Tether

USDT
$1.00
-0.24%
Negative delta icon

Tether is a stablecoin originally issued on the Bitcoin blockchain’s Omni Layer that is designed to be fully-backed in a one-to-one ratio with the United States Dollar. Despite a somewhat contentious history, Tether has significance both as the earliest stablecoin to have a meaningful impact across the industry, and for retaining its size and centrality, even in the face of increased competition from emerging peers, well into 2020. Tether's 2019 expansions into additional blockchains, to include functioning on the Ethereum, EOS and Tron blockchains, reinforced its central role in the industy.

Overview

Project Stage

Live status icon

Amount Raised

Market Cap

$9,856MM

Sector

Stablecoin

Blockchain

Native token icon

Omni

Funding Source

Project Profile

Tether gained prominence for its place among the earliest stablecoins, cryptocurrency that maintains a stable price through a peg to an underlying asset, in this case the United States Dollar. Tether is designed to offer token holders a low-volatility asset and provide key industry entities—most notably crypto exchanges—a source of liquidity. Tether’s original executive team, including CEO JL van der Velde, CFO Giancarlo Devasini, and CSO Philip Potter, was eventually revealed as identical to Bitfinex’s, making Tether a side-project of a prominent exchange. Prior to rebranding in February of 2015, Tether was known as Realcoin.

Project Details

Tether offers users a tokenized claim on the project’s United States Dollars holdings. Users can send fiat currency to Tether (the off-chain incorporated entity) and Tether issues a digital token (Tether) representing that currency on the Bitcoin blockchain using the Omni Layer. Tether claims to retain all fiat currencies in designated bank accounts, with each Tether purportedly entirely backed by US dollars held in reserve. Many have questioned this claim, and Tether so far has been unable to furnish an official audit from an accredited auditor that satisfies critics.

Tokens are redeemable for the underlying fiat, though Tether’s legal terms of service state that the project is not legally obliged to do so in every instance. However, a December 2018 report by Bloomberg indicated that it had seen Tether bank statements indicating that it did hold the backing funds over a prior four month period. In March 2019, Tether updated its Terms of Service to indicate that it's reserves may not be exclusively fiat and can include other assets and loans receivable.

Tether’s issuance originally utilized the Omni Layer, a colored coins protocol for creating and trading decentralized digital assets, but expansins now include operations on additional chains including Ethereum, EOS and Tron. The Omni Layer can attach data to individual Bitcoins, thus ‘coloring’ them to represent both the coin’s underlying Bitcoin value (typically a tiny fraction of a Bitcoin) and the Tether value. All issued, redeemed, and existing Tethers, including transactional history, are publicly auditable via the tools provided at Omniexplorer.info. A smaller number of Tethers also exist as ERC-20 tokens upon the Ethereum blockchain. Users can exchange newly created Tether tokens on a permissionless basis, or between accounts, such as accounts on different crypto exchanges. Tether charges no fees on transactions between Tether wallets or blockchain wallets, and approximately $20 on deposits and withdrawals to fiat bank accounts.

Asset Details

Tether is a stablecoin. Holding the token confers users the right to reclaim the token’s underlying pegged asset. New tokens are issued when users send fiat, typically USD, to Tether’s reserves and tokens are removed from circulation when users reclaim reserved assets. Exchanges are a primary Tether user, as Tether allows exchanges to easily settle outstanding fiat-like balances. Tether is also attractive to cryptocurrency market participants as a means for avoiding volatility within the crypto sector.

Further analysis and commentary about Tether can be found in S+C's extended report.

project icon for tether

Tether

USDT
$1.00
-0.24%
Negative delta icon

Tether is a stablecoin originally issued on the Bitcoin blockchain’s Omni Layer that is designed to be fully-backed in a one-to-one ratio with the United States Dollar. Despite a somewhat contentious history, Tether has significance both as the earliest stablecoin to have a meaningful impact across the industry, and for retaining its size and centrality, even in the face of increased competition from emerging peers, well into 2020. Tether's 2019 expansions into additional blockchains, to include functioning on the Ethereum, EOS and Tron blockchains, reinforced its central role in the industy.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$9,856MM
Native token icon

Omni

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Stablecoin

Project Profile

Tether gained prominence for its place among the earliest stablecoins, cryptocurrency that maintains a stable price through a peg to an underlying asset, in this case the United States Dollar. Tether is designed to offer token holders a low-volatility asset and provide key industry entities—most notably crypto exchanges—a source of liquidity. Tether’s original executive team, including CEO JL van der Velde, CFO Giancarlo Devasini, and CSO Philip Potter, was eventually revealed as identical to Bitfinex’s, making Tether a side-project of a prominent exchange. Prior to rebranding in February of 2015, Tether was known as Realcoin.

Project Details

Tether offers users a tokenized claim on the project’s United States Dollars holdings. Users can send fiat currency to Tether (the off-chain incorporated entity) and Tether issues a digital token (Tether) representing that currency on the Bitcoin blockchain using the Omni Layer. Tether claims to retain all fiat currencies in designated bank accounts, with each Tether purportedly entirely backed by US dollars held in reserve. Many have questioned this claim, and Tether so far has been unable to furnish an official audit from an accredited auditor that satisfies critics.

Tokens are redeemable for the underlying fiat, though Tether’s legal terms of service state that the project is not legally obliged to do so in every instance. However, a December 2018 report by Bloomberg indicated that it had seen Tether bank statements indicating that it did hold the backing funds over a prior four month period. In March 2019, Tether updated its Terms of Service to indicate that it's reserves may not be exclusively fiat and can include other assets and loans receivable.

Tether’s issuance originally utilized the Omni Layer, a colored coins protocol for creating and trading decentralized digital assets, but expansins now include operations on additional chains including Ethereum, EOS and Tron. The Omni Layer can attach data to individual Bitcoins, thus ‘coloring’ them to represent both the coin’s underlying Bitcoin value (typically a tiny fraction of a Bitcoin) and the Tether value. All issued, redeemed, and existing Tethers, including transactional history, are publicly auditable via the tools provided at Omniexplorer.info. A smaller number of Tethers also exist as ERC-20 tokens upon the Ethereum blockchain. Users can exchange newly created Tether tokens on a permissionless basis, or between accounts, such as accounts on different crypto exchanges. Tether charges no fees on transactions between Tether wallets or blockchain wallets, and approximately $20 on deposits and withdrawals to fiat bank accounts.

Asset Details

Tether is a stablecoin. Holding the token confers users the right to reclaim the token’s underlying pegged asset. New tokens are issued when users send fiat, typically USD, to Tether’s reserves and tokens are removed from circulation when users reclaim reserved assets. Exchanges are a primary Tether user, as Tether allows exchanges to easily settle outstanding fiat-like balances. Tether is also attractive to cryptocurrency market participants as a means for avoiding volatility within the crypto sector.

Further analysis and commentary about Tether can be found in S+C's extended report.

Recent News

Researcher shows that Tether has blacklisted 39 Ethereum USDT addresses.

Philippe Castonguay, a blockchain researcher has shown that 39 Ethereum addresses that hold Tether (USDT) have been blacklisted since the stablecoin was issued on the network. According to the findings, 24 of the 39 addresses were blacklisted in 2020 and that there is currently $5.51 million worth of USDT sitting in addresses that were blacklisted this year. The news follows a discovery on Wednesday that CENTRE, the issuer of the USDC stablecoin has blacklisted an address holding USDC.

July 10, 2020

Sources:

moreDune Analytics

Bitfinex to face suit claiming that it hid $850 million in lost client funds.

The cryptoasset exchange, Bitfinex, is to face a suit from New York State alleging that the company hid $850 million in lost client funds, following a ruling on Thursday by the New York State Appeals Court. The prosecutors had argued in April 2019 that the exchange had lost the funds, belonging to its clients, and then attempted to hide the losses via the Tether stablecoin, which is also operated by Bitfinex’s parent company, iFinex. Following the ruling, Bitfinex’s legal counsel commented that the company has accepted the ruling and declined to offer any further comments.

July 10, 2020

Sources:

CoinDesk

USDT integrates with OMG Network.

Tether, USDT, has been integrated onto the OMG network, according to a Monday blog post from OMG. The company also announced the release of its mainnet beta based on More Viable Plasma and a rebranding to OMG from OmiseGo on Monday. Paolo Ardoino, CTO of Bitfinex, and Tether stated that the move should help reduce costs, and increase the performance of USDT transfers while reducing the transaction load on Ethereum.
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project icon for tether

Tether

USDT
$1.00
-0.24%
Negative delta icon

Tether is a stablecoin originally issued on the Bitcoin blockchain’s Omni Layer that is designed to be fully-backed in a one-to-one ratio with the United States Dollar. Despite a somewhat contentious history, Tether has significance both as the earliest stablecoin to have a meaningful impact across the industry, and for retaining its size and centrality, even in the face of increased competition from emerging peers, well into 2020. Tether's 2019 expansions into additional blockchains, to include functioning on the Ethereum, EOS and Tron blockchains, reinforced its central role in the industy.

Overview

STATUS

MARKET CAP

BLOCKCHAIN

TOKEN TYPE

Live status icon
Live
$9,856MM
Native token icon

Omni

N/A

FUNDING SOURCE

AMOUNT RAISED

SECTOR

Stablecoin

Project Profile

Tether gained prominence for its place among the earliest stablecoins, cryptocurrency that maintains a stable price through a peg to an underlying asset, in this case the United States Dollar. Tether is designed to offer token holders a low-volatility asset and provide key industry entities—most notably crypto exchanges—a source of liquidity. Tether’s original executive team, including CEO JL van der Velde, CFO Giancarlo Devasini, and CSO Philip Potter, was eventually revealed as identical to Bitfinex’s, making Tether a side-project of a prominent exchange. Prior to rebranding in February of 2015, Tether was known as Realcoin.

Project Details

Tether offers users a tokenized claim on the project’s United States Dollars holdings. Users can send fiat currency to Tether (the off-chain incorporated entity) and Tether issues a digital token (Tether) representing that currency on the Bitcoin blockchain using the Omni Layer. Tether claims to retain all fiat currencies in designated bank accounts, with each Tether purportedly entirely backed by US dollars held in reserve. Many have questioned this claim, and Tether so far has been unable to furnish an official audit from an accredited auditor that satisfies critics.

Tokens are redeemable for the underlying fiat, though Tether’s legal terms of service state that the project is not legally obliged to do so in every instance. However, a December 2018 report by Bloomberg indicated that it had seen Tether bank statements indicating that it did hold the backing funds over a prior four month period. In March 2019, Tether updated its Terms of Service to indicate that it's reserves may not be exclusively fiat and can include other assets and loans receivable.

Tether’s issuance originally utilized the Omni Layer, a colored coins protocol for creating and trading decentralized digital assets, but expansins now include operations on additional chains including Ethereum, EOS and Tron. The Omni Layer can attach data to individual Bitcoins, thus ‘coloring’ them to represent both the coin’s underlying Bitcoin value (typically a tiny fraction of a Bitcoin) and the Tether value. All issued, redeemed, and existing Tethers, including transactional history, are publicly auditable via the tools provided at Omniexplorer.info. A smaller number of Tethers also exist as ERC-20 tokens upon the Ethereum blockchain. Users can exchange newly created Tether tokens on a permissionless basis, or between accounts, such as accounts on different crypto exchanges. Tether charges no fees on transactions between Tether wallets or blockchain wallets, and approximately $20 on deposits and withdrawals to fiat bank accounts.

Asset Details

Tether is a stablecoin. Holding the token confers users the right to reclaim the token’s underlying pegged asset. New tokens are issued when users send fiat, typically USD, to Tether’s reserves and tokens are removed from circulation when users reclaim reserved assets. Exchanges are a primary Tether user, as Tether allows exchanges to easily settle outstanding fiat-like balances. Tether is also attractive to cryptocurrency market participants as a means for avoiding volatility within the crypto sector.

Further analysis and commentary about Tether can be found in S+C's extended report.

Recent News

Researcher shows that Tether has blacklisted 39 Ethereum USDT addresses.

Philippe Castonguay, a blockchain researcher has shown that 39 Ethereum addresses that hold Tether (USDT) have been blacklisted since the stablecoin was issued on the network. According to the findings, 24 of the 39 addresses were blacklisted in 2020 and that there is currently $5.51 million worth of USDT sitting in addresses that were blacklisted this year. The news follows a discovery on Wednesday that CENTRE, the issuer of the USDC stablecoin has blacklisted an address holding USDC.

July 10, 2020

Sources:

moreDune Analytics

Bitfinex to face suit claiming that it hid $850 million in lost client funds.

The cryptoasset exchange, Bitfinex, is to face a suit from New York State alleging that the company hid $850 million in lost client funds, following a ruling on Thursday by the New York State Appeals Court. The prosecutors had argued in April 2019 that the exchange had lost the funds, belonging to its clients, and then attempted to hide the losses via the Tether stablecoin, which is also operated by Bitfinex’s parent company, iFinex. Following the ruling, Bitfinex’s legal counsel commented that the company has accepted the ruling and declined to offer any further comments.

July 10, 2020

Sources:

CoinDesk

USDT integrates with OMG Network.

Tether, USDT, has been integrated onto the OMG network, according to a Monday blog post from OMG. The company also announced the release of its mainnet beta based on More Viable Plasma and a rebranding to OMG from OmiseGo on Monday. Paolo Ardoino, CTO of Bitfinex, and Tether stated that the move should help reduce costs, and increase the performance of USDT transfers while reducing the transaction load on Ethereum.
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