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1 USDT =
Amount in AUD
Switch to USDT
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What is Tether?
Tether, also known as USDT, is the largest stablecoin by market capitalisation. A stablecoin is, as its name suggests, a cryptocurrency whose value is stable compared to that of a fiat currency. In the case of USDT, it is a cryptocurrency that is supposedly pegged to the value of the US dollar at a 1:1 ratio. The benefit of USDT is widely recognised in the crypto community.
The key benefit is that with USDT, a crypto trader can 'park' their funds in a USD denominated coin and gain access to the USD denominated cryptocurrency market, eliminating the need of having a US bank account! This implies better liquidity, tighter spreads and more variety in terms of the number of cryptocurrencies available. However, it is important to understand that USDT is still very different to USD. Many view it as a medium of exchange rather than an asset to hold long-term.