Tether
About Tether
The price of Tether (USDT) is $0.99988971 today, as of Sep 16 08:26 p.m., with a 24-hour trading volume of $44.22B. Over the last 24 hours, the price has decreased by -0.02%. Tether currently has a circulating supply of 118.38B and a market cap of $118.36B.
Tether (USDT) was one of the first cryptocurrencies to peg its market value to a fiat currency. Tether, originally called “Realcoin,” valued each token at $1 to reduce the friction of moving real currency throughout the cryptocurrency ecosystem. Because of that peg to a stable fiat currency, Tether and other similar cryptocurrencies have been dubbed “stablecoins.” Tether is the largest stablecoin by market capitalization, and its users can redeem tethers for dollars. It also issues a cryptocurrency tied to the price of gold known as tether gold, whose value is backed by physical gold bars.
The primary purpose of a stablecoin like USDT is to maintain its value of $1 at all times. Maintaining that value should be straightforward as every USDT is backed by reserves held by the Tether Treasury. However, Tether’s asset has seen some price fluctuations over the years.
USDT hit an all-time high value of $1.32 in July 2018. The all-time low of $0.57 came in March 2015. The price swings occur when demand for the token changes. When the crypto market is surging, demand for stablecoins like tether is typically low. Tether’s history of lawsuits has also played a part in reducing demand for the crypto asset. When the New York Attorney General’s office (NYAG) first took legal action against the project, USDT was pushed off its dollar peg by 3%.
With the exception of those low and high prices, Tether’s price has generally remained close to $1. There can be a minor deviation of $0.01 or $0.02 at times, although those are usually short-lived.
There is no known maximum supply for Tether’s USDT, as new coins are issued based on user demand and reserves held by Tether.