Purpose:Tether is a stablecoin, meaning its value is pegged to the value of a traditional asset (such as the U.S. dollar) to maintain stability and avoid the volatility of other cryptocurrencies.
Features:
1:1 Peg to USD: Tether’s value is always equal to $1, making it a popular choice for users who want to avoid price fluctuations.
Widely Used: Tether is commonly used for trading and transferring value between exchanges without moving into fiat currency.
Use Cases: Trading, remittances, and acting as a hedge against cryptocurrency volatility.
Status: The most widely used stablecoin, often used as a bridge between fiat and cryptocurrency.