USDT is a stablecoin that is equivalent in value to the US dollar, serving as a stable store of value and medium of exchange in the cryptocurrency market. Today’s price of USDT is approximately $0.9996, which is equivalent to 7.34 Chinese yuan. USDT ranks third in terms of market capitalization and circulation, and it is traded on multiple platforms, which will be detailed below.
Today’s USDT price is around $0.9996, equivalent to 7.34 Chinese yuan. The circulation of USDT is 8.302 billion, with a market capitalization of $82.984 billion, ranking it third. USDT is traded on various trading platforms, with the highest trading volumes on platforms T, K, FTX, and CoinbasePro.
Users can also exchange Bitcoin for USDT on trading platforms. USDT is not a newly emerged cryptocurrency; it was registered and renamed from Tether in late November 2014. When it was launched in February 2015, it gained support from the largest Bitcoin futures trading platform, Bitfinex, and the altcoin trading platform, Poloniex. Subsequently, more trading platforms and applications began to support USDT, such as ShapeShift, GoCoin, FTX, CoinbasePro, and others. Additionally, as a stablecoin, USDT’s advantage lies in providing a digital asset pegged to fiat currency, allowing users to trade in the cryptocurrency market while obtaining the value stability of the US dollar. USDT can be used in scenarios such as hedging, arbitrage, payments, and cross-border transfers, increasing the liquidity and interoperability of the cryptocurrency market. Lastly, USDT also faces some challenges and risks, such as the authenticity of reserves, compliance, security, and competitiveness. For instance, on January 16, 2018, when the global cryptocurrency market plummeted, USDT rose against the trend to $1.04, raising questions about the adequacy of its reserves. Furthermore, on September 24, 2021, the People’s Bank of China issued a notice stating that virtual currencies do not have the same legal status as fiat currencies and prohibited activities related to virtual currencies. In summary, USDT is a virtual currency that pegs cryptocurrencies to the US dollar, characterized by stability, transparency, liquidity, and interoperability, playing a significant role in the cryptocurrency market, but also presenting some uncertainties and risks.
