Issued by the Hong Kong-based company Tether, USD Tether (USDT) is a stablecoin. A stablecoin is a type of digital asset that is pegged to a fiat currency or real-world asset, and as a result, its value does not fluctuate as a result of supply and demand, so it is ‘stable.’ The value of USD Tether is pegged to the value of the US dollar (USD) and is maintained at a 1:1 ratio. This means that 1 USDT is always exchangeable for 1 US Dollar. This ratio is maintained by Tether in the Tether Reserves. The Tether Reserves include both traditional currency and cash equivalents, and sometimes include receivables on loans made to Tether by third parties and other assets.
The value of the Tether Reserves is audited and published daily, and Tether claims that their reserve’s value ‘matches or exceeds the value of all USDT in circulation.’ USD Tether is the most widely integrated digital-to-fiat cryptocurrency, and one of the oldest stablecoins in existence. USD Tether was designed so the US Dollar could be used as a digital currency on the blockchain. 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. Find out below how to buy Tether on the Swyftx trading platform.
You can easily buy Tether USDT 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 credit/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 will be stored in the crypto wallet integrated with your account.
The main factor that makes Tether 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.
You can hold USDT Tether safely in your Swyftx wallet. This is a popular option for crypto investors who are looking to make a profit from their purchases.
Tether is a cryptocurrency pegged to the US dollar and is often accepted as a viable payment option by some establishments. After you buy Tether, you have the option to send USDT value around the world.
The Swyftx crypto exchange allows you to trade Tether with ease. Supporting both a mobile and desktop trading platform, you can buy and sell USDT and other digital cryptocurrencies anytime, anywhere.
Tether 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.
Buying USDT and other digital currencies may seem confusing and intimidating, especially if you’re a beginner. However, these days it’s actually very simple to buy crypto. A fast and easy way to buy Tether USD in Australia is to purchase it on a cryptocurrency exchange platform like Swyftx. Swyftx is a trading platform that allows you to buy, sell and trade USDT and hundreds of other digital assets. If you haven’t already done so, you’ll be required to sign up and complete ID verification. When this is done you’ll be able to purchase USDT in just a few minutes. If you have any questions or concerns you can contact our customer support team via live chat, who will aim to give you a response within 10 minutes.
Swyftx supports deposits made by credit or debit card, which can then be used to buy Tether and other digital assets. To deposit funds, simply navigate to the AUD deposit page, and select how much you’d like to transfer into your Swyftx trading account. Credit and debit card deposits are typically transacted instantly.
If you are looking to purchase Tether, you’ll first need to deposit funds into your account via one of the following options: bank transfer, PayID, POLi or credit/debit card. The time it takes for the funds to be successfully deposited into your account will depend on which payment option you choose. The list below compares how long each payment method usually takes. Keep in mind that these times may vary depending on who you bank.
Buy, sell and trade Tether with low trading fees and minimal spreads on the Swyftx Crypto Exchange.
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