Must-know Benefits About USDT

USDT is a cryptocurrency asset issued on the Bitcoin blockchain through the Protocol Omni layer. This is a software layer built on top of the Bitcoin Blockchain, which is considered the foundation for performing transactions on digital assets or units. Each USDT unit is backed by one US Dollar held in the Tether Limited reserve and can be used through the Tether Platform.

Let’s consult the article below with FMCPAY to learn more about Tether (USDT)

What is USDT?

The abbreviation USDT stands for ‘US Dollars Tether’. It’s the currency code that’s used to show that a payment has been made in Tether – a stablecoin that launched in 2014. As of January 2023, Tether (USDT) was the third-largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH) and the largest stablecoin with a market capitalization of nearly $68 billion.

Advantages of USDT

Stability

One of the biggest advantages of USDT is that it is more stable than traditional cryptocurrencies because of the support by actual banks. This makes it possible for investors to join the market easily and have lower risky alternatives.

Furthermore, USDT is not dependent on the fluctuation of the crypto market so users will not lose the values of their holdings and quickly enter the market when they need.

Transparency

The transparency of USDT is that the public account balances clearly. As a result, the users are able to check and verify that reserves are always equal to the amount of USDT in circulation. All USDT transactions are also stored on public blockchains.

Publicity

The transaction information of USDT will be stored on the public blockchain so as to follow easily.

Transaction fee

Transaction between two USDT accounts or any two wallets with storage capacity will be free of charge

Minimizing the risk of currency devaluation

Nowadays, the constant fluctuation of the global market resulted in inflation across many countries. Therefore, most investors are seeking stable assets to replace cash or gold. And USDT is an ideal solution.

Because of dependence on US dollars, USDT stays unchanged and reduces risk of slippage. In the condition of balancing, 1 unit of USDT is equal to 1 USD. Some exchanges or e-wallets also pay interest to customers who store USDT on their exchanges. If you choose the right time and term, the interest received can be higher than the deposit at traditional banks.

Based on the steady value of USDT, it will not make you lose your holdings. Beside that, it also helps you enter quickly when needed to keep pace with crypto market chances.

Liquidity of USDT

Not only is USDT used to store or trade cryptocurrencies, but also has many applications in daily life.

Transferring money abroad

Since the rate is pegged to USD, you can use USDT as your currency to trade or convert foreign currencies. You do not need to prove the purpose of the transaction or verify the recipient’s information, and there is no additional fee for processing foreign currency transactions like when transferring money through a bank. Recording procedures, foreign currency conversion procedures… are no longer needed. So instead of waiting 1 to 4 days to complete the transaction, it can now be done almost instantly.

The alternative of trading foreign currency

Nowadays, based on the popularity of USDT around the world, you are able to buy or sell liquidity with partners instead of middlemen such as banks, and financial intermediation. The liquidity of this coin is high-rating because of the large number of transactions. When you own USDT, the value of 1 USDT is the same as the value of 1 USD that you put into. When you want to withdraw money, it is easy to sell USDT back to Tether or sell it on the exchange to others.

Where should I buy USDT?

FMCPAY is launched in 2021 with licenses in the US. By charging a low transaction fee of 0.04 percent, the exchange has positioned itself as an open and seamless gateway for cryptocurrency newcomers. According to financial experts, FMCPAY Exchange is considered to be one of the world’s most trusted platforms for trading cryptocurrencies, and digital securities registered in the USA. You will enjoy a convenient transaction experience:

Easy trading operations
Fast transaction
Lowest trading fee
User-friendly interface
Solid support from the FMCPAY vibrant community 24/7.
Withdraw fiat currencies to debit/ credit cards and bank account
Excellent App for users in Google Play and App Store.

Conclusion

In conclusion, USDT is the most reliable stablecoin in the world, guaranteeing the largest share of the trade transactions of all crypto exchanges in general. To beware of the risks that Bitcoin brings, many crypto investors have success in using USDT. Understanding what USDT is and choosing USDT is the superior safety solution for smart crypto players.