1. Project Description
Project Name: Theter
Token Name: USDT
2. Project Introduction
USDT is a stablecoin (cryptocurrency with a stable value) that reflects the price of the US dollar, issued by the Hong Kong-based company Tether. The fixing of the token on USD is achieved by maintaining a dollar amount in reserve equal to the outstanding USDT amount. Initially launched in July 2014 as Realcoin, a second tier cryptocurrency token built on the Bitcoin blockchain through the use of the Omni platform, it was later renamed to USTether, and finally, to USDT. Apart from Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. The stated goal of USDT is to combine the unlimited nature of cryptocurrency - which can be sent between users without trusted third party intermediaries - with a stable value of the US dollar.