In late November 2014, Realcoin, a company incorporated in the Isle of Man and Hong Kong, changed its name to Tether. When it was released in February 2015, it held a thick leg when bitcoin was the largest trading platform: bitfinex announced its support for the trading of Teda (hereinafter USDT). Then the currency trading platform Poloniex Exchange also supports USDT. P network with the strong rise of ether too strong in the currency trading platform, there is a hidden trend in the lead, but also by the way to bring the transaction volume USDT.
The release and transaction of USDT use the Omni (formerly Mastercoin) protocol, which is arguably the first 2.0 Bitcoin currency-based blockchain in the market. So USDT transaction confirmation and other parameters are consistent with bitcoin.
According to Tether CTO and co-founder Craig Sellars, users can wire-transfer US Dollars to Tether's bank account via SWIFT or to Exchange USDT via Bitfinex. Redeem the dollar, the reverse operation can be. Users can also exchange bitcoin for USDT on the above two websites. Its website claims strict adherence to a 1: 1 reserve guarantee, that is, for each issuance of 1 USDT tokens, its bank account will have a $ 1 capital guarantee.
In compliance, all operations involving the French currency, require users to complete the KYC certification.
When asked how the user validated the bank account deposit, Craig said the legal currency was held by Tether Liminted and regularly audited, but for the time being the user is not yet able to directly check the deposit.
The current trading volume of USDT is the largest among all stable virtual currencies.