To convert USDT to USD, you can use a direct cryptocurrency pair on different exchange platforms. On any of them, you can find the official exchange rate of a currency pair, and start trading having enough financial resources in fiat or/and electronic money. For instance, you can go to Beaxy website and find the relevant trading pair on the table. The platform automatically calculates the exchange rate of cryptocurrencies once you enter the needed amount in the appropriate field. On this and other platforms, you can also find other currency pairs to exchange. Tether works on Bitcoin blockchain, and most platforms allow you to trade USDT with other electronic pairs freely and safely as soon as you verify yourself on the system. The modern electronic interface is easily used by both beginners and experienced traders. You can use the desktop wallets to store and trade USDT, as well as download the Android and IOS app on your mobile. Due to the modern encryption methods, Tether is safe using it with hot and cold storage of cryptocurrency.
If you are not familiar with the platform, go to the Register section on the upper right corner of the Beaxy website screen. Then wait till the system performs a check of your credentials. Next, replenish the deposit and buy crypts with a Visa or MasterCard. The platform provides state-of-the-art charting tools, FIX and REST APIs, as well as FIAT in and out services for trading bitcoins.
As an alternative, you can also trade the USDT/USD cryptocurrency pair on the following websites:
Feel free to use fiat currency as an intermediary in the exchange between USDT and USD. For example, if you need to purchase USDT with a national fiat currency, first exchange this to dollars to trade them for USD. As of June 23rd, 2020, the USDT/USD trading pair is $ 0,9993. You can start trading with 50 or less/more depending on the specific platform. The trading volume of the Tether to USD pair is $ 9.174B
Convert USDT to other currencies
USDT cryptocurrency has an enormous spectrum of trading pairs. You can change USDT to BTC, ETH, and other cryptocurrencies, such as EOS, BCH, LTC, and many more. The cost of a Tether is almost the same as one USD. So you can easily calculate the value of the cryptocurrency, knowing the required number of USDT for your current trading operation, looking at the exchange rate of another cryptocurrency.
Tether is a cryptocurrency working on Bitcoin blockchain that supports financial transactions with other electronic and fiat currencies, in particular the U.S. dollar, Euro, and Japanese yen. For each currency, you can use an equivalent token with the same index, but with the suffix “T.” Tether provides different tokens, implying that electronic money is guaranteed by a real reserve in the accounts. There are more than one million tokens in active trading equal to one million coins of fiat currency in the system.
Tether itself has been established on the open-source protocol Omni Layer, allowing access to the blockchain and ensuring the support of tokens based on bitcoin. Users can freely trade issued USDT tokens, purchasing any of the enabled cryptocurrency for them or keep them in any equipped wallet. The storage of Tether tokens is worth nothing since the amount of currency assurance is equivalent to the currency amount in USD. Accordingly, the token disables in the same way after the end of the exchange procedure.
Tether works by the “Proof of Reserves” method, which ensures the stability of the cryptocurrency during trading operations. In other words, the number of tokens in Tether is similar to the amount received from you in dollars and corresponds to dollar reserves in bank accounts. The company provides up-to-date information on the current volume of cryptocurrency and conducts regular checks.
Tether Limited insists on parity between the U.S. fiat currency and USDT, proving that one U.S. dollar is equal in value to the USDT. In different periods, this trend was quite stable, although there were only slight fluctuations from 0.91 dollars to 1.1 dollars. Fluctuations in the course continue at present, and the company is still unable to achieve even parity in cost. Experts argue that this phenomenon shows a real discrepancy between the issued USDT and the actual financial reserve; that is, the cryptocurrency, in reality, does not have full support.
Tether was founded by Phillip Potter and CFO of Bitfinex Dancarlo Devanzine in the British Virgin Islands in 2014. Bitfinex CEO Louis Jean van der Velde has a similar position at Tether Limited. The tokenized dollar was not considered until the publication of the system report in 2017. Until March 2017, the volume of active tokens of USDT was only 44 million, but already in November, 70 million tokens were circulating the system. Within one day, the system received applications for the purchase of bitcoins of about $ 25 million, and orders were closed at Bitfinex in just one day. As a result, the price of bitcoin increased from 7,000 to 7,400 dollars, which led to the establishment of new record values.
At present, disputes regarding the real security of USDT are also ongoing. Although the emitter platform guarantees that users can instantly sell tokens on the Tether platform, official documents indicate that USDT is not a monetary instrument. Tether Limited is not obligated to exchange tokens for fiat currencies and does not guarantee protection against losses during trading operations.
Experts are sure that the company protects itself from possible legal problems, and that cryptocurrency has a risk of losing real currency support. Indeed, official Tether Limited publicly acknowledged that USDT tokens are not backed by U.S. dollars, but are supported by other cryptocurrencies available for conversion to Tether. The company is in no hurry to conduct an audit to disclose the real reserve of Tether. According to unofficial data, the Tether backup amount is half the equivalent of the total volume of issued tokens. In November 2019, the company’s official blog also published that the system was hacked that led to the loss of more than $ 30 million. The Omni Foundation, which developed the Tether protocol, released a new version of the software, the platform was disabled, and the stolen tokens were blacklisted.