Review on Tether by Stephen Toluwani
Multichain Stablecoin: Ideal for traders
Tether is the company behind the issuance of the stable currency USDT, CNYT, EURT, and XAUT. Tether issues it's USDT tokens on multiple blockchains such as ERC-20, TRC-20 SLP, OMG, EOS, SOL, Omni, Algorand and Liquid Protocol. Currently sitting on the coinmarket #3 ranking, the token is widely traded on a number of exchanges. The tokens are issued by a Private company which means it's a centralized project. Everyone might be having reasons to be against centralized projects due to its little or no anonymity, its still a big plus to organization that may have made a mistake when issuing a transaction as they can be reversed
Essentially, the tokens are meant for peer-to-peer transaction and due to the fact that it has a stable price, it's most ideal for business organizations as a means of payment. Being hosted on the Blockchain, speed of transaction is increased and cost of making this transaction is reduced as compared to our traditional banking system. It's stable price protects traders from the volatility found in cryptocurrencies
Pros
- Tether issues multichain tokens which are supported on the Bitcoin's Blockchain (on the Omni and Liquid Protocol) Ethereum Blockchain ERC-20, Tron Blockchain TRC-20, Algorand, EOS, SLP and OMG and a recent SOL support
- Tether has a stable value; The value of Tether USD is pegged to the US dollars 1:1
- Tether supports the exact value of US Dollars, Euros and Odd shore Chinese Yuan. There is also support for Tether Gold which has its value pegged 1:1 to Gold
- The token is basically meant for peer-to-peer transaction without using traditional banking system
- Currently sitting at #3 on the coinmarket ranking, it's is one of the most popular cryptocurrency on many exchanges
Cons
- None for now
