Tether (USDT) Stablecoin Review
Best For
- High Risk Traders
- Exchanges
Tether (USDT) is a stablecoin pegged to the US Dollar. USDT is issued and maintained by Tether Holdings and was the first stablecoin to gain widespread adoption after launching in 2014. USDT tokens are issued on multiple blockchains and are redeemable at a 1:1 rate for US Dollars through the Tether platform.
Tether Stablecoin - 2020 Comprehensive Review
Tether Stablecoin Overview
| Ticker | USDT |
|---|---|
| Current Price | $1.00 |
| 24H Volume | $18,849,284,016.99 |
| Market Cap | $15,867,451,517.00 |
| Circulating Supply | 15,838,664,270 |
| Market Rank | 3 |
| Collateral Type | Fiat-Backed |
| Base Currency | USD |
| Exchanges | Kucoin, Bitfinex, Binance, Poloniex, OKEx, Gate.io, Bittrex Global, Kraken, Huobi Global, Bitmax, Binance US, KyberSwap, HitBTC, Bitcoin.com |
| Blockchains | Ethereum |
| Hardware Wallets | Ledger, Trezor |
| Deposit Insurance |  |
| Audit Frequency | Infrequent |
| Minimum Purchase | 100000 |
| Minimum Redemption | 100000 |
Tether (USDT) Exchanges
| Exchange | Rating | Price | Pairs | 24hr Volume |
|---|---|---|---|---|
| Binance | 8.5/10 | $1.01 | 149 | $969,936,581.89 |
| Huobi Global | 8/10 | $1.00 | 153 | $666,264,027.50 |
| OKEx | 7.5/10 | $1.00 | 90 | $437,944,274.45 |
| HitBTC | 3.5/10 | $1.20 | 174 | $294,058,907.19 |
| Bitmax | 5/10 | $1.09 | 85 | $72,288,152.05 |
| Kucoin | 7.5/10 | $1.01 | 90 | $28,489,073.85 |
| Gate.io | 6.5/10 | $1.15 | 201 | $27,435,854.75 |
| Bitfinex | 7/10 | $1.00 | 25 | $12,789,093.58 |
| Poloniex | 6/10 | $1.03 | 52 | $11,615,289.00 |
| Kraken | 7.5/10 | $1.00 | 17 | $8,001,173.15 |
| Bittrex Global | 6.5/10 | $1.01 | 67 | $7,061,149.24 |
| Binance US | 6.5/10 | $1.00 | 28 | $2,732,779.21 |
| KyberSwap | 7.5/10 | $1.00 | 1 | $770.21 |
| Bitcoin.com | 5.5/10 | $0.00 | 0 | $0.00 |
Tether (USDT) Wallets
| Wallet | Rating | Type | Price |
|---|---|---|---|
| Ledger | 10/10 | Hardware | $69.99 |
| MetaMask | 8/10 | Browser Extension | $0.00 |
| Ledger Nano M | 7/10 | Mobile Application | $96.00 |
| Trezor | 9/10 | Hardware | $149.99 |
| MyEtherWallet | 9/10 | Web | $0.00 |
| MyCrypto | 9/10 | Web | $0.00 |
| TrustWallet | 9/10 | Mobile Application | $0.00 |
Tether Borrow Rates
| Platform | APR Rate | Collateral LTV | Loan Amounts |
|---|---|---|---|
| Nexo | 5.9% | 15% - 75% | $500 - $2,000,000 |
| Crypto.com | 8% | 50% - 65% | $1,000 - $100,000 |
| Celsius Network | 3.46% - 6.26% | 25% - 50% | $1,500 - $1,000,000 |
| Compound | 0% | 50% - 75% | $1 - $100,000 |
Tether Interest Rates
| Platform | APY Rate | Lockup Terms | Deposit Amounts |
|---|---|---|---|
| Celsius Network | 11.55% | Flexible | $1 - $100,000 |
| Nexo | 8% | Flexible | $1 - $2,000,000 |
| Crypto.com | 6% - 10% | 3 Months | $25 - $1,000,000 |
| Binance Savings | 2.91% - 7.00% | Flexible | $1 - $1,000,000 |
| Compound | 354800.00% | Flexible | $1 - $1,000,000 |
Tether Stablecoin Alternatives
Pros and Cons
Pros
- ERC20 Swap - Up until very recently, USDT was mainly transacted on its native blockchain Omni. Tether recently announced that USDT will now be swapped over to the Ethereum blockchain. This will improve transparency, transaction costs, and security.
- Liquidity - USDT is currently the most liquid stablecoin available on the market, traded on almost every major non-us facing exchange.
- Multiple Currencies - Tether also has EUR (EURT) and CNY (CNHT) stablecoins in circulation.
Cons
- Regulatory Risk - Tether has long been a topic of discussion for governments and financial regulators. Recently, the NY attorney general sued Bitfinex and Tether alleging that they provided services to NY residents after they agreed to cease operations in the country. Users should be aware that is entirely possible that Tether’s legal issues will continue.
- Transparency - Tether has not been transparent with their accounting throughout the years, causing many to doubt whether the stablecoin is actually backed 1:1 with US Dollars.
- Redemption Requirements - A very retail unfriendly minimum of $100,000 in USDT is required for USD redemption.
Frequently Asked Questions
What is Tether (USDT)?
Is Tether (USDT) an ERC20?
Can Tether (USDT) be redeemed for USD?
Is Tether (USDT) backed 1:1 to USD?
Where can I buy Tether (USDT)?
Summary
Tether (USDT) was the first major stablecoin to enter the market and still maintains a dominant share of exchange traded volume. Hundreds of crypto assets are traded against USDT and the stablecoin can be found on almost every non-us facing cryptocurrency exchange.
Tether has remained a very popular choice with Asian based crypto investors and the recent announcement to swap the circulating supply of USDT over to the Ethereum blockchain (ERC-20s) should help to continue this trend.
To the surprise of many, Tether has survived security breaches, PR nightmares, legality issues, and accusations of operating on a fractional reserve for over 5 years.
We believe there are better alternatives to USDT. USDC, TUSD, and PAX all offer a superior stablecoin and service. Blockfer recommends that users exercise precautions with Tether until more transparent audits are made available and their pending legal issues are resolved.
| Learn More | Best Features |
|---|---|
|
Legal & Regulation - Facts & Figures
| Legal Name | iFinex, Inc. |
|---|---|
| Incorporated Country | British Virgin Islands |
| Headquarters | New Taipei City, Taiwan |
| Year Founded | 2013 |
| CEO | Jean-Louis van der Velde |
| Total Employees | 51-100 |
| Regulators | Not Regulated |
| Links | Website, Crunchbase, Whitepaper, Twitter, Blog, LinkedIn |
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About The Author
Delton has been writing about blockchain finance & technology, decentralized applications, and crypto assets since 2017. His work has been published and featured by several independent news publications and blockchain projects.
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The stablecoins found in this category have been researched extensively by our team as part of the review process. Factors we analyze in our stablecoin reviews and comparisons include: trading volume, listings, purchase and redemption process, issuer trust, collateral type, borrow rates, interest rates, and wallet compatibility.
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