Crypto currency Tether climbed 63% over the last day.
It has been trading at 0.0001798 Bitcoins which is about 17,980 Pandacoins.
USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by a U.S Dollar held in the reserves of the Tether Limited and can be redeemed through the Tether Platform. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency.USDT and other Tether currencies were created to facilitate the transfer of national currencies, to provide users with a stable alternative to Bitcoin and to provide an alternative for exchange and wallet audits which are currently unreliable. USDT provides an alternative to Proof of Solvency methods by introducing a Proof of Reserves Process.In the Tether Proof of Reserves system, the amount of USDT in circulations can be easily checked on the Bitcoin blockchain via the tools provided at Omnichest.info, while the corresponding total amount of USD held reserves is proved by publishing the bank balance and undergoing periodic audits by professionals.
USDT is traded on the CCEX cryptocurrency market.
What are your thoughts on Tether and its outlook for the future?
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Why would it gain 63% if its directly correlated with the USD?
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The price of USD price of BTC fell sharply on some exchanges so the USDT value rose. This is their website https://tether.to/ and the token is traded here https://c-cex.com/
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