What is Tether (USDT)?
USDT is a stablecoin produced by Tether, a corporation with headquarters in Hong Kong, reflecting dollar price. Quantity of circulated USDT reflects reserved dollars, which makes USDT closely linked with a dollar.
USDT was derived from Bitcoin’s blockchain by activating web-source “Omni” starting its work in 2014 then named “Realcoin”, which subsequently was changed to USTether, before acceptance of name USDT. Following Bitcoin, USDT was soon modified for various blockchains, for example, Ethereum.
USDT is aimed at maximum work with uncensored sides of cryptocurrencies as information transmitted directly from one user to another if dollar is evaluated sustainably.
USDT started working in 2014, founded by Brock Pierce, Reeve Collins and Craig Sellars.
Brock Pierce – renowned businessman and member of the group of founders of several large-scale crypto and entertainment projects. In 2013, he became a member of the group of founders of venture capital enterprise Blockchain Capital with more than $80 million profit, as of 2017, along with Block.one, establishment which facilitated development of EOS, the widest cryptocurrency in this lineage. In 2014, Pierce headed Bitcoin Foundation, a nonprofit organization aimed at upgrading Bitcoin.
Reeve Collins, formerly known as the director of Tether in the stage of initial development and as a member of a group of founders of various renowned establishments having many areas of activity – internet-marketing, entertainment, web-casino. In 2020, Collins headed SmarMedia Technologies, an establishment specializing in IT-marketing.
Along with Tether, Craig Sellars has been working with Omni Foundation for almost seven years. Its characteristic trait is peculiar protocol facilitating to organize and manage programs linked with smart-contract, heading Bitcoin’s blockchain.
There is no personal blockchain for USDT — it is replaced by a second-layer token situated higher than other blockchains and secured by corresponding hashing algorithms.