What is USDT?
USDT is a cryptocurrency issued by Tether Limited. Each USDT token is backed by 1 US dollar. The price of USDT is therefore $1 at any time.
Tether [USDT] belongs to the category of cryptocurrencies referred to as âStablecoinsâ. This is because they serve the purpose of being a stable dollar substitute.
Tether converts cash into digital currency, this is done by converting the value of the coin to the price of fiat currencies like the USD, EUR, and the Japanese Yen.
Tether [USDT] is issued on the ETH, TRON, and OMNI blockchains. Asides from the popular token pegged to the US dollar, Tether limited has launched other tokens pegged to other fiat currencies such as the Euros, Pesa, and so on.
What are the Uses of USDT?
Here are the most common uses of USDT in our world today. They are discussed below-
1. Payment of Goods & Services
You can use your Tether [USDT] to pay for goods and services. Some businesses and merchants in the world today are receiving USDT as a form of payment. This is one of the reasons it has grown to be among the top crypto assets today.
2. Trade USDT for Cash
Today, there are several exchanges and trading platforms that allow users to exchange their USDT for fiat currencies such as USD, EUR, and so on.
If you are in Nigeria or Ghana in West Africa, Prestmit is the best place to trade your USDT for local currencies which include the Nigerian Naira & Ghanaian Cedis.
3. As a Store of Value
Tether [USDT] can be hodl for the long term if one is trading. USDT when held is meant to maintain a stable value relative to 1 US dollar. Investors make use of the Tether [USDT] wallet to store this crypto asset.
