What is USD Tether (USDT)?
USD Tether (USDT) is a stablecoin issued by the Hong Kong-based company Tether. Stablecoins are digital assets that are pegged to real-world assets (i.e. fiat currency) and therefore do not fluctuate in value. USDT is pegged to the US dollar at a 1:1 ratio, meaning that the value of USDT is equal to the value of the USD and can always be exchanged for an equal amount of USD. Every USDT coin is fully backed by the Tether reserves, which include both traditional currency and cash equivalents. Tether reserves also occasionally including other assets and receivables from loans made by Tether to third parties.
The value of the Tether reserves is published daily, and Tether claims that the value of the Tether reserves âmatches or exceeds the value of all USDT in circulation.â One of the oldest stablecoins in existence, USDT is by far the most widely integrated digital-to-fiat cryptocurrency. Tether (USDT) currently sits in the top 5 biggest cryptocurrencies by market cap. To Buy USD Tether in New Zealand, create your free trading account with Swyftx.
How to buy USDT in New Zealand
To buy USD Tether, create a free trading account with Swyftx. Swyftx is a cryptocurrency exchange allowing users to trade hundreds of different digital assets including Bitcoin, Ethereum and USD Tether. To sign up, youâll need to provide a few personal details like your name, email address and phone number as well as creating a secure password.
Next, is the ID verification step. This typically takes most people 3 minutes or less to complete. Youâll need to submit a form of government-issued photo identification in order to verify your account. Once verified, you can deposit funds into your account via bank transfer. Once you have successfully deposited funds into your account you can buy USD Tether and other cryptocurrencies listed on the Swyftx crypto exchange.
Uses for USD Tether?
USD Tether was designed as a digital USD equivalent that could be used on the blockchain. It was conceived to give financial businesses and companies an alternative to the traditional exchanging of fiat currency (i.e. NZD). This allows companies to exchange funds faster and avoid the process of converting in and out of different fiat currencies through the banking network. It also bypasses any volatility within the crypto market because it is pegged to the US dollar. You may be able to spend your Tether on goods and services with vendors or retailers who accept it. To buy and sell USD Tether, create your Swyftx trading account and deposit NZD today.
