The USDT cryptocurrency is becoming one of the leading forces on the decentralized market alongside such popular digital assets as Ethereum Classic and Bitcoin. The Tether stablecoin has a current circulating supply in excess of $65.5 billion and an equal number of issue coins, which stand at an exchange ratio of $1.002 to the United States Dollar. Such stability make the coin extremely popular as a means of payments and as an instrument for hedging both the volatility of cryptocurrencies and the depreciation of fiat currencies.
The current market for cryptocurrencies gives stablecoins a distinct advantage, considering the growing fears of bankruptcy that have been circulating in decentralized space after the collapse of such trading platforms as FTX and AAX. The catastrophe that befell FTX was a clear reminder that trading platform security and accountability are not to be taken for granted as givens and any venue can prove to be extremely vulnerable to fraud, internal manipulation or even outright crime. All cryptocurrencies flowing through trading platforms, as hubs of cryptocurrency market activity, are subject to the effects of the collapse of major trading platforms, as evidenced by the collapses in prices of leading market heavyweights like Bitcoin in the wake of the incident.
Given the vulnerability of cryptocurrencies in their classic form to the events happening on the cryptocurrency and global financial markets, users are seeking safer havens for storing their savings and digital assets. In light of such price instability, stablecoins like Tether are turning into attractive alternatives. This gives the parent projects of stablecoins a powerful incentive to increase supply and capitalize on the user influx.
However, even the most reliable and popular stablecoin requires a trading venue to be purchased, exchanged and sold. And this is where trading platforms come into play. With the rampant fear, uncertainty and doubt on the market, it is becoming difficult to select a trading platform for USDT that would become the ideal solution capable of suiting all the requirements of both skittish and affected users.
How to Select a USDT Trading Platform
With so many trading platforms on the market, it is difficult for novice users to select which one to resort to. The myriad choices and aggressive advertising campaigns launched by centralized and decentralized trading platforms effectively blur the line between perception and reality in terms of the reliability, security, product offering, and feature lineup of trading platforms.
Experienced users often recommend resorting to major market players like Binance, which is dominating the trading venue arena with its sprawling infrastructure that has turned into a gigantic ecosystem encompassing NFTs, cryptocurrencies, trading, swaps, and many other functions. The fact that Binance supports the Tron network as a bridge for Tether transactions is a powerful incentive for users to resort to it in an effort to find the best trading platform for their stablecoin assets. However, Binance is also a rather peculiar platform to use, considering that it leverages the use of its native BNB coin to effectively halve trading fees, which are a major factor in the choice of trading platform. Since the BNB coin is actually quite expensive, users will find it difficult to use Binance for trading in terms of the fees they will have to pay for transactions.
Apart from trading fees, there is the vital question of security involved. All platforms require users to pass Know Your Customer identification procedures and bind their devices via 2FA through email, SMS or Google Authenticator. Many users will find the latter extremely capricious and difficult to bind, resulting in frustration and even withdrawal halts for up to 24 hours, as is the case with KuCoin. However, security is largely ensured through the provision of custodial wallets and native platform protection layers, effectively leaving users with no choice but to trust the platform itself. Few trading platforms allow users to resort to non-custodial wallets and make security a personal issue that they themselves will be responsible for.
But when it comes to selecting the perfect trading platform for USDT, users will have to find one that includes a good mix of security and interface convenience coupled with support for the TRC-20 network that is most often used for USDT transactions. The low transaction fee is the key to ensuring the profitability of trades with the asset and the speed of transfers.
Key Takeaways
The USDT stablecoin is by far the most popular stable digital asset on the market that is only gaining popularity thanks to its virtual binding to the United States dollar at a 1 to 1 ratio. When selecting a trading venue for transactions related to Tether, users need to pick one that offers Tron network support and low fees.
