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USDT is a stablecoin (stable-value cryptocurrency) issued by the Hong Kong-based company Tether that mirrors the price of the US dollar. The token’s peg to the USD is achieved by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation.
Originally known as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains, in addition to Bitcoin’s.
USDT, or Realcoin at the time, was founded in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars.
Brock Pierce is a well-known entrepreneur who co-founded several high-profile projects in the cryptocurrency and entertainment industries. In 2013, he co-founded Blockchain Capital, a venture capital firm that had raised more than $80 million by 2017. Pierce was appointed director of the Bitcoin Foundation in 2014, a non-profit organization established to help improve and promote Bitcoin. Pierce also co-founded Block.one, the company that created EOS, one of the most popular cryptocurrencies on the market.
For the first two years of Tether’s existence, Reeve Collins served as CEO. Previously, he co-founded several successful businesses, including the online ad network Traffic Marketplace, the entertainment studio RedLever, and the gambling website Pala Interactive. Collins will lead SmarMedia Technologies, a marketing and advertising technology company, in 2020.
Craig Sellars has been a member of the Omni Foundation for over six years, in addition to his work on Tether. Its Omni Protocol enables users to build and trade smart-contract-based properties and currencies on top of the Bitcoin blockchain. Sellars has also worked for Bitfinex, Factom, Synereo, and the MaidSafe Foundation, among other cryptocurrency companies and organizations.
If you’re wondering where to buy Tether at the moment, the top cryptocurrency exchanges for trading Tether stock right now are Binance, OKX, CoinTiger, FTX, and XT.COM.
