Cryptocurrency Q&A
Is USDT a crypto or not?
Is USDT a crypto or not?
CryptoNerd
Thu Mar 28 2024
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7 answers
1471
Excuse me, I'm a bit confused about this crypto world. I've heard about USDT, but I'm not sure if it's really a cryptocurrency or not. Could you please clarify this for me? I've seen it mentioned alongside other cryptos like Bitcoin and Ethereum, but I'm not entirely sure what the difference is. Is USDT backed by something? And if it is, does that mean it's not truly decentralized like other cryptos? I'm really interested in understanding this better. Thanks!
7 answers
amelia_harrison_architect
Sat Mar 30 2024
BTCC is a UK-based cryptocurrency exchange that offers a range of services to its users.
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CherryBlossomBloom
Sat Mar 30 2024
One such token is Tether (USDT), which is pegged to the value of the U.S. dollar.
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Valentino
Sat Mar 30 2024
This pegging mechanism aims to ensure that the value of USDT remains relatively stable, similar to that of the fiat currency.
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Tommaso
Sat Mar 30 2024
Other examples of pegged cryptocurrencies include USD Coin (USDC), Binance USD (BUSD), and Dai (DAI).
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lucas_jackson_pilot
Sat Mar 30 2024
These tokens are backed by reserves of fiat currency or other assets to maintain their pegged value.
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