Tether (USDT) Price Today

Who Are the Founders Of Tether?

USDT is a stablecoin (stable-value cryptocurrency) that reflects the price of the U.S. dollar. Craig Sellars, Brock Pierce, and Reeve Collins co-founded USDT cryptocurrency.

Brock Pierce is a renowned entrepreneur who has co-founded several high-profile projects in the crypto and entertainment industries. In 2014, Pierce served as the director of the Bitcoin Foundation, a nonprofit established to help improve and promote Bitcoin. Pierce has also co-founded Block. one, the firm behind EOS, one of the largest cryptocurrencies on the market.

Reeve Collins acted as the CEO of Tether for the initial two years of its existence. Before that, he had co-founded several successful companies, like the online ad network Traffic Marketplace, entertainment studio RedLever & gambling website Pala Interactive. As of 2019, Collins is serving as the co-founder of Smar Media Technologies, a marketing and advertising tech company.

Apart from working on Tether, Craig Sellars has been acting as a member of the Omni Foundation for more than six years. Its Omni Protocol enables users to create and trade smart-contract-based properties and currencies on Bitcoin’s blockchain. These include Bitfinex, Factom, Synereo, and the MaidSafe Foundation.

What makes Tether different?

The fact that Tether guarantees its value to remain pegged or tied to the U.S. dollar. According to Stablecoin, whenever it issues new USDT tokens, it assigns the same amount of USD to its reserves. This ensures that USDT  supports cash or cash equivalents.

The high volatility of the crypto markets indicates that cryptocurrencies can go up or fall by 10-20% in a single day, making them unreliable as a store of value. In contrast, USDT is considerably safe from these fluctuations.

This characteristic makes USDT a haven for crypto investors: during periods of high volatility, they can park their portfolios in Tether without having to cash out into USD completely.

Besides, USDT offers an easy way to transact a U.S. dollar equal between regions, countries, and even continents through blockchain — without having to depend on a slow and costly intermediary, such as banks or financial services providers.

However, over the years, controversies have surrounded the validity of Tether’s claims about their USD reserves, sometimes disrupting USDT’s price, which fell as low as $0.88 at one point in its history. Many have raised concerns about the fact that an independent third party has fully audited Tether’s reserves.

Is there any limitation on the total number of Tether (USDT) coins in circulation?

There is the absence of a hard-coded limit to the total supply of USDT. Since it belongs to a private company, theoretically, its issuance is only by Tether’s policies.

However, because Tether claims that every USDT is supposed to be supported by one U.S. dollar, the quantity of tokens is capped by the actual cash reserves of the company. Besides, Tether does not disclose its issuance schedules ahead of time. Instead, they provide:

• Daily transparency reports.
• Listing the entire amount of their liabilities & asset reserves.