USDT is a cryptocurrency that is very popular on the global decentralized market. USDT is tethered in value to the United States Dollar and is a stablecoin with a value rated at a 1 to 1 ratio at all times. The Tether USD Coin is secured by the reserves of the USDT Foundation, which keeps its assets in United States Dollars.
The given qualities of USDT make it an ideal asset for use as a means of stable transactions among market participants. The asset is also a favorite among digital asset market users who prefer to mitigate any risks associated with price volatility. The stable nature of the coin guarantees that recipients will always have a stable value and will be able to plan their purchases well in advance. In addition, the USDT stablecoin is being used by legal entities when performing transactions. Though there have been no known state level acceptances of the stablecoin, the Russian Federation has been considering the acceptance of USDT as a means of cross-border transacting with foreign countries as part of its import and export operations.
Tether’s Role in Market Dynamics
The widespread availability of Tether as a leading force has led to the emergence of a plethora of wallets capable of storing it. Tether wallet applications are standard on cryptocurrency exchanges and most hard wallets are capable of storing the asset, since it is listed as a supported digital coin. There are also some dedicated USDT wallet applications, however, they have not found much popularity, since they can be easily replaced by crypto bank card infrastructure providers that combine classical bank cards with VISA or MasterCard support with digital asset storage.
USDT is available for purchase on virtually every major crypto trading venue on the market. Leading trading venues like Binance, KuCoin, Bybit, AAX, and many others support USDT trading and allow their users to acquire the given asset for both cryptocurrencies and fiat.
How to Buy Tether
In order to purchase USDT, users will first need to select a cryptocurrency exchange that they feel comfortable working with. That in itself will depend on a number of factors, such as their preferences regarding trading facilities, the convenience of the interface, their geographic location, as well as trading commissions, internal exchange transfer commissions, and other factors.
The availability of fiat on-ramps is an essential criterion that users must take into account when seeking to sign up to an exchange for acquiring USDT. This is due to the fact that connections to on-ramps, such as VISA, MasterCard, PayPal, and other online financial gateways will allow users to instantly connect their preferred means of payment and instantly purchase USDT in a few clicks. Most exchanges allow their users to buy USDT at market value using current exchange rates of national fiat to the United States Dollar. This exchange rate difference is being leveraged by scalpers, arbitrage traders and foreign exchange market players as a means of earning on minute price fluctuations.
Once a trading venue has been selected, users will need to allocate a certain amount of their cryptocurrency assets or fiat and purchase the USDT stablecoin in the amount that they wish. Once the transaction has been completed, users will receive the acquired stablecoins on their wallet account balances and will be free to dispose of them as they see fit.
The process of buying is thus simple:
Choose an exchange;
Top up the balance;
Buy Tether.
Key Takeaways
USDT is a great way of retaining value that has paved the way for the advent of stablecoins as a viable and secure means of payment within the decentralized industry. The widespread availability of USDT on the market, its versatility as a means of payment and value storage, as well as its cross-chain nature that lets users transfer it across various networks, make it an ideal asset for use within and outside the decentralized markets. Users can easily acquire USDT in a few clicks on any major trading venue and take advantage of both digital and local currencies as a means of payment for the asset via on-ramps or direct over-the-counter, peer-to-peer, or exchange-facilitated means of acquisition.
