Tether USD (USDT) is a stablecoin issued by a Hong Kong-based company, Tether. Stablecoins are a type of cryptocurrency designed to be pegged to real-world currencies. Tether USD shadows the US dollar, meaning it will maintain a 1:1 ratio at all times. Tether does this by having a large reserve of assets, including cash and cash equivalents, corporate bonds, secured loans, and other investments. Committed to transparency, Tether undergoes regular assurance opinions every quarter and provides a comprehensive breakdown of its reserves on its website.
Tether USD is the most widely integrated digital-to-fiat cryptocurrency, and one of the oldest stablecoins in existence. Tether USD was designed so the US Dollar could be used as a digital currency on the blockchain. Being resistant to price volatility, This cryptocurrency is widely used by crypto exchanges, wallet providers, and financial services as it gives these companies an alternative to the lengthy process involved in exchanging and depositing fiat currency. Although Tether USD has a smaller market cap compared to Bitcoin and Ethereum, it has the largest trading volume. Find out below how to buy Tether USD on the Swyftx trading platform.
The main factor that makes Tether USD unique is that its value is guaranteed to be pegged to the US dollar. Tether claims that it is able to do this by ensuring that USDT is fully backed by cash and cash equivalents. This means that whenever Tether issues USDT tokens, the same amount of US dollars are allocated to its reserves. Cryptocurrency markets and assets can often be very volatile and too unreliable to be exchanged and stored as value. USDT, being a stablecoin, mitigates this risk and is protected from these fluctuations. Therefore, a lot of businesses and establishments accept transactions made in USDT.
Tether USD maintains a 1:1 USD peg so that when people buy USDT they are essentially buying a digital equivalent of the US Dollar. Tether claims that every USDT token in circulation is fully backed by real fiat currency (USD) in its reserves. Some sceptics continue to question USDT’s reliability as a stablecoin, however, Tether continues to be transparent with how it has maintained a 1:1 ratio over all these years. You can view Tether’s current balances on its transparency page.
You can easily buy Tether USD on the Swyftx Australian crypto trading platform. Firstly, you’ll need to set up an account and complete your ID verification. Once your account has been set up, you can deposit AUD via bank transfer, PayID, POLi, or debit card. Once your deposit clears, you can then use this to buy USDT and other crypto assets. Simply enter the amount of Tether you’d like to buy or the AUD equivalent of Tether, and confirm your purchase. Once your funds have been cleared and you’ve been sent confirmation of your purchase, your Tether USD will be stored in the crypto wallet integrated with your account.
The best place to buy Tether USD is right here at Swyftx! Swyftx offers a fast, secure, and user-friendly platform that allows traders to easily deposit Australian dollars to trade Bitcoin and other cryptocurrencies instantly. We offer competitive fees and excellent customer support and we are proud to be Australia's highest-rated crypto exchange as per our Trust Pilot Reviews.
Yes, Swyftx is a safe and secure platform to buy and sell Tether USD (USDT). Swyftx employs a range of advanced security measures to protect user funds and personal information and has been awarded ISO27001 certification for information security.
Swyftx is a AUSTRAC registered exchange that conducts regular security audits and maintains strict compliance with Australian Anti-Money Laundering and Counter-Terrorism Financing Laws.
You can find more information on our security practices here.
The price of USDT is determined by the forces of supply and demand in the market. Similar to other assets, the price of Bitcoin is determined by the number of buyers and sellers in the market at any given time.
Some significant factors that can influence the demand for Bitcoin are adoption rates, Macro economic factors, News events, upgrades and advancements in its tech and investor sentiment.
You can deposit Australian dollars (AUD) into Swyftx via a number of methods including:
Swyftx also allows you to deposit cryptocurrency from another wallet into your account.
Swyftx does not allow you to directly buy Tether USD with credit card, however, we do support credit and debit card deposits. Once your deposit has arrived in your account, you can then buy USDT instantly.
Swyftx has a trading fee of 0.6% for all buy and sell orders. In addition to the trading fee, Swyftx applies a spread to each cryptocurrency trade.
0% Period: Last 24 hours 0%
This should not be used to make investment decisions.
4180 Reviews on
Recently signed up to Swyftx and pleasantly impressed with the user friendliness and the very prompt customer service responses. The ability to transf...
Recently signed up to Swftx and I've gotta say the best app I've used out of all the other ones. I love the fact you can message them and have replies...
This exchange is easy to use and to navigate as a beginner in crypto, would recommend, staff and online help is good too.
Easy to use and trustworthy platform with a wide range of coins. Great mobile app as well. They are also always quick to respond to queries and que...
The simplicity of Swyftx makes it simple to purchase and manage all my Cryptro. Highly recommend.