USDT چیست و چگونه کار میکند؟
Tether was originally launched in 2014 under the name "Realcoin" before rebranding to Tether in late 2014.
USDT is the ticker symbol for Tether, which is a cryptocurrency pegged to the US dollar, meaning its value is designed to closely match the value of the US dollar.
Tether is considered a stablecoin, which aims to minimize the price volatility typical of cryptocurrencies by being backed by fiat currency reserves.
As of August 2024, Tether claims to have over $80 billion in reserves to back the USDT in circulation, making it one of the largest stablecoins by market capitalization.
Tether operates on several blockchain networks, including Bitcoin's Omni Layer, Ethereum, TRON, and its own Tether blockchain.
USDT transactions are processed much faster than traditional bank wire transfers, with settlement times of just a few minutes compared to hours or days for wire transfers.
Tether has faced controversies over the years regarding the transparency of its reserves and allegations of market manipulation, though it has maintained its peg to the US dollar.
Unlike most cryptocurrencies, USDT is not mined but rather issued by Tether Limited when users deposit US dollars with the company.
USDT is widely used as a trading pair on cryptocurrency exchanges, allowing users to quickly move in and out of volatile cryptocurrencies while maintaining exposure to the US dollar.
Tether's dominance in the stablecoin market has led to concerns about concentration risk, as a large portion of Bitcoin and Ethereum trading volume is denominated in USDT.
In 2021, Tether was fined $41 million by the Commodity Futures Trading Commission for making misleading statements about its reserves.
USDT has been adopted by decentralized finance (DeFi) protocols as a widely accepted medium of exchange and store of value within the crypto ecosystem.
Tether has expanded its offerings beyond the original USDT, including the launch of EURT (Euro-backed Tether) and CNHT (Chinese Yuan-backed Tether) in recent years.
The Tether network uses a proof-of-reserve system to maintain the 1:1 peg with the US dollar, though the company's transparency around its reserves has been questioned.
Tether's market dominance as a stablecoin has led to concerns about systemic risk, as disruptions to USDT could have ripple effects across the broader cryptocurrency market.
In 2021, Tether was ordered by the New York Attorney General's office to cease all trading activity in New York and pay an $18.5 million fine to settle a legal dispute.
Tether has faced regulatory scrutiny in numerous jurisdictions, with authorities questioning the company's practices and the composition of its reserve assets.
USDT is widely used for cross-border payments and remittances, particularly in regions with unstable local currencies or capital controls.
Tether has been criticized for a lack of independent audits, with the company instead providing periodic attestations from accounting firms about the state of its reserves.
The future of USDT and other stablecoins remains uncertain, as regulators continue to scrutinize the space and explore the development of central bank digital currencies (CBDCs) that could potentially disrupt the stablecoin market.