Tether has released tokens three times till date. In March, 300 million tokens were released by Tether. 250 million tokens were released in May. This latest release is the third one and valued worth 250 million tokens. A total of 800 million USDT (tokens) were printed and released by Tether up to date.
Tether can simply be stated as a cryptocurrency which represents currencies in the blockchain market. While we see that 1 Bitcoin is equivalent to $6,513 and 5,560 EUR, the rates are not constant and keep on changing. But the value of Tether is equal to the value of USD. It represents real currencies but can only be used to buy and trade other cryptocurrencies. Currently, the Tether is giving tokens as USDT and EURT representing dollars and Euros of real currency.
Users buy USDT and EURT from Tether and get tokens.
Those tokens can be used to purchase cryptocurrencies like bitcoin in the market. Currently, many traders are using USDT tokens instead of dollars as these transactions were a lot easier and faster. The promise given by tether is that the traders can buy 1 USDT for 1$ and EURT for 1 euro. They also said that traders could anytime sell back USDT to tether for 1$.
This one line of condition increased the trust of people. People then and even now think that the money stays as USDT and if the value of cryptocurrencies is not going well, money is obtained by reverting the tokens. As discussed above, 800 million tokens were printed by Tether. So theoretically, it should consist of 800 millions of dollars if at all people buys those tokens in full. Tether is providing audit reports of its bank balance on the website to prove it has money reserves.
There are also comments that it shows fake audit reports. Nonetheless, people are using it and are happy. Tether eliminated the work of loading the currency, conversions, conversion fee and many more. Now traders can just llog into tether accounts and buy bitcoins directly from the account. Adding funds from the bank and receiving money from other sources is also made more accessible.
Tether is at 11th position and is behind Tron with a margin of $80 million.
There are many cryptocurrencies in the market. While most of us knew only bitcoin and litecoin, there are many others like Zcash, Dash, Ripple, and Ethereum.