Tether TRC 20
Usdt
Tether (USDT) is a cryptocurrency that was created in 2014 by Tether Limited. USDT TRC-20 is a stablecoin, meaning its price is tied to the value of a reserve currency, in this case the US dollar. The USDT to dollar ratio is 1:1.
What is USDT TRC20 in simple terms?
Tether (USDT) was the first cryptocurrency to receive the status of a stablecoin. This is a category of digital assets whose value is tied to the exchange rate of fiat money.
The name Tether itself was first assigned to the USDT stablecoin by the issuer of the same name - Tether Limited. Over time, the same company issued several more assets to tie them to other fiat currencies:
- Japanese yen (JPYT).
- Euro (EURT).
- Offshore Chinese yuan (CNHT).
- Gold token (XAUT) - equivalent to one troy ounce of gold.
But it is the token tied to the dollar that has become the most popular stablecoin in the world. Therefore, in the cryptocurrency community, the word Tether in most cases means USDT TRC-20.
It is worth considering that this asset is not the same as the dollar. The main purpose of TRC-20 and other types is to simplify the trading of digital currencies, as well as the transfer of funds between users.
How does the Tether USDT TRC20 stablecoin work?
Initially, USDT worked on the basis of the Omni Layer protocol, which acted as an add-on to the BTC blockchain. Later, when the Ethereum platform gained great popularity, it was decided to link part of the Tether emission to it. As a result, Tether Limited issued tokens of the ERC-20 standard (in January 2018).
Thanks to this transition, users received the following benefits:
- The ability to use Tether to work with smart contracts (previously, USDT could only be sent and received).
- Access to decentralized applications. Such programs can perform many additional useful functions.
Later, the creators of USDT decided to continue their experience and began to use other blockchains. In 2019-2021, tokens were issued on the following distributed networks:
- Binance Chain and Binance Smart Chain.
- EOS.
- Tron (TRC-20).
- Bitcoin sidechain - Liquid Network.
- Algorand 2.0.
- Solana.
- Bitcoin Cash.
- OMG Network sidechain.
Tether uses separate wallets on different blockchains. And their addresses are different. When users deposit or withdraw USDT on crypto exchanges, they can choose which blockchain the transaction will be carried out through. Depending on the choice, the wallet address is selected. For example, if the Tron network was selected, the funds will be sent to the TRC-20 address.
Countries with Tether TRC 20 direction
How to buy Tether USDT TRC20?
USDT TRC-20 coins are traded on centralized cryptocurrency exchanges. The most popular exchange for buying and trading Tether is Binance, the most active pair on it is BTC/USDT — the trading volume over the last 24 hours reached $1,601,632,349. Other popular exchanges with these tokens are Pionex and Bitget.
To buy and sell USDT TRC-20 on the official Tether website, you will need to register by providing your personal data:
- Full name.
- Place of residence.
- Email address.
After creating an account, you will also need to enable two-factor authentication. Also, to buy TRC-20, you must pass verification with uploading documents.
Then, the account replenishment function will appear in your personal account. To buy a TRC-20 token, you need to go to the Add Funds section, get an account for transferring fiat currency and make a transaction.
You can send TRC-20 USDT coins to an external wallet by going to the Send Funds section. And if you need to withdraw money to a card, you will need to go to the Withdraw section.
Where is it profitable to exchange USDT TRC20?
For a quick and profitable exchange of tether TRC-20 at the highest rate, you can use the Obmify monitoring service. It contains the best and most reliable exchange offices offering safe services and the most favorable TRC-20 exchange rate. The service regularly checks the exchangers collected on it, which ensures the safety of using them.
Obmify has a simple and clear interface, so it is very easy to use. Just enter the exchange direction, and the system will offer a list of exchange offices that carry out the transaction of interest with TRC-20 in the desired country and city. Each exchanger indicates the reserve of currency or cryptocurrency, as well as the minimum and maximum amount allowed for exchange. Using exchangers is very simple, and the commission for their services is minimal.
Actual Tether TRC 20 rates
How is Tether TRC20 different from other cryptocurrencies?
The main difference between this TRC-20 stablecoin and Bitcoin (and other cryptocurrencies) is that it does not have transaction blocks and is backed by fiat currency reserves. That is, Tether does not have its own blockchain. To implement tokens, ready-made third-party decentralized systems are used. You can buy USDT TRC-20 using money transfers to the accounts of Tether Limited.
The functioning of this stablecoin (including TRC-20) is supported by various open protocols. One of them is Omni Layer. It is needed to interact with the Bitcoin blockchain, as well as issue and redeem USDT on its basis.
Here it is worth paying attention to the consensus principles of different currencies:
- Fiat money uses the Proof of Solvency principle - proof of solvency. The cryptocurrency works on the Proof-of-Work (proof of work), Proof-of-Stake (proof of share), or other options.
- In the case of Tether (including TRC-20 tokens), the Proof of Reserves method is used.
The essence of this format of work comes down to two processes:
- The amount of TRC-20 tokens is checked on the Bitcoin blockchain. For this, standard tools that are publicly available are used.
- The total value of TRC-20 tokens is confirmed by dollar reserves in bank accounts. To monitor the situation, independent auditors periodically conduct checks.
The amount of available funds (including TRC-20) is published by Tether Limited on its official website.
Price of Tether TRC 20 (USDT) in Real Time
The price of (USDT) against the dollar today is 1 $. The Ethereum coin can be exchanged in 47 countries and 150 cities worldwide. Currently, the site features 154 pairs for exchanging USDT for other electronic currencies.
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