Everything you need to know about $USDT

Current price: $ fetching data...

Contract Address: Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB

Ticker: $USDT

Blockchain Network: Solana

Apr 9, 2024

What is $USDT?

Tether (USDT) is a stablecoin that is pegged to the U.S. dollar on a 1:1 basis, meaning each USDT token in circulation is backed by an equivalent amount of U.S. dollars or other reserves. The primary objective of Tether is to provide a stable digital currency that can be used for transactions, payments, and as a store of value without the high volatility that often accompanies other cryptocurrencies. Tether aims to combine the benefits of digital currency with the stability of the traditional fiat currency system.

Launched in 2014 by the company Tether Limited, USDT is designed to maintain a stable value relative to the U.S. dollar. Tether Limited claims to hold a reserve of assets equivalent to the amount of USDT in circulation, including traditional currency and cash equivalents. These reserves are intended to ensure that Tether can be redeemed for U.S. dollars at any time. However, the company has faced scrutiny and controversy over the years regarding the transparency and adequacy of its reserves.

USDT is widely used across various blockchain platforms, including Ethereum, Tron, and Binance Smart Chain, making it one of the most versatile stablecoins in the cryptocurrency market. This cross-chain functionality allows USDT to be utilized in a wide array of decentralized applications, exchanges, and financial services. As of June 2024, Tether has a market capitalization exceeding $70 billion, making it one of the most significant and widely used stablecoins. Its extensive adoption and broad utility in trading, lending, and DeFi activities have solidified USDT's position as a cornerstone of the cryptocurrency ecosystem, despite ongoing debates about its reserve transparency.

View $USDT's price below. This chart visualizes the current price of $USDT to the US dollar.

Here's a step by step guide on how you can buy $USDT.

Option 1: Download Tori Wallet.

Tori is the simplest self custodial mobile wallet that allows you to access crypto opportunities. Instead of buying crypto on a centralized crypto exchange (like Kraken, Coinbase, or Crypto.com), setting up a self custody wallet (like Phantom, Metamask, or Coinbase Wallet), and the 5+ other steps with accessing the world of crypto, Tori simplifies the entire experience into one simple app.

Step 1: Setup Your Account

With Tori, you'll have to do the following:

  1. Create your account with passkeys.

  2. Upload your ID to authenticate your account.

  3. Connect your bank account.

Tori Wallet is currently available on IOS and Google Play Store, but only limited to U.S residents at the moment.

Step 2: Deposit money into your trading wallet.

Once you've connected your bank account, you're able to deposit up to $50,000 USD with no fees.

It takes approximately 1-3 days for your money to settle. From there you can start accessing the world of crypto!

Step 3: Select $USDT to trade.

Once you have money in your trade balance, you can click trade.

Select $USDT

*Token prices in the screenshots below are outdated*

Step 4: Buy $USDT.

Once you select $USDT, you can now swipe to confirm your purchase.

*Token prices in the screenshots below are outdated*

Step 5 (Optional): Sell $USDT whenever you want.

Whenever you're ready to sell, you can sell $USDT and get USDC, which you can withdraw right into your bank account.

*Token prices in the screenshots below are outdated*

Option 2: Use a centralized exchange, self-custody wallet, and DEX's.

To buy $USDT as a crypto beginner, you can follow these steps:

1. Get a Crypto Wallet: You'll need a digital wallet to store your $USDT tokens. Popular options include Phantom, Solflare Wallet, or Coinbase Wallet. Download and set up your chosen wallet.

2. Purchase Solana (SOL): $USDT is a token on the Solana blockchain. You'll need to buy some SOL to cover transaction fees and to swap for $USDT. Use a reputable exchange like Coinbase, Binance, or Kraken to purchase SOL with your local currency.

3. Transfer SOL to Your Wallet: Withdraw your SOL from the exchange to your wallet. Make sure to double-check the wallet address before confirming the transfer.

4. Choose a Decentralized Exchange (DEX): You can use a DEX like Raydium, Orca, or Serum to swap your SOL for $USDT. These platforms are like marketplaces where you can trade cryptocurrencies directly with other users.

5. Connect Your Wallet to the DEX: Follow the DEX's instructions to connect your wallet. This usually involves clicking a "Connect Wallet" button and selecting your wallet type.

6. Swap SOL for $USDT: Once your wallet is connected, you can swap your SOL for $USDT. Enter the amount of SOL you want to trade, and the DEX will calculate how much $USDT you'll receive. Review the details and confirm the transaction.

7. Wait for the Transaction to Complete: The swap might take a few seconds to a few minutes to complete. Once it's done, you should see the $USDT tokens in your wallet.

Remember to be cautious when dealing with cryptocurrencies. Always double-check addresses, transaction details, and use secure, reputable platforms.

Certain content has been prepared by third parties not affiliated with Utopia Labs Corp. or any of its affiliates and Utopia Labs Corp. is not responsible for such content. Utopia Labs Corp. is not liable for any errors or delays in content, or for any actions taken in reliance on any content. Information on content could be out-dated. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy. Utopia Labs Corp. makes no representation on the accuracy, suitability, or validity of any information provided or for a particular asset. Prices shown are for illustrative purposes only. Actual cryptocurrency prices and associated stats may vary.

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