Tether is the world’s largets stablecoin, and is usually used to buy crypto-currencies, like Bitcoin or Ethereum. However, there are more ways than one to spend Tether, and buying crypto-currency no longer is your only option. First, we’ll briefly introduce Tether, before discussing ways in which you can spend or invest Tether.
A brief introduction to Tether
Tether is a digital token whose value is pegged to the US Dollar. Unlike most crypto-currencies, which tend to experience large price swings up or down versus the dollar, Tether strives to maintain a 1:1 peg versus the dollar. This is also why it has come to be known as a “stablecoin”. Tether was the first stablecoin, and remains the largest to this day, by market capitalisation.
Since launching USDT, a stablecoin pegged against the US Dollar in 2014, Tether has expanded into other fiat currencies, such as the Euro and the British Pound. In order to maintain its peg, Tether holds cash, U.S. Treasuries and other assets in reserve (including loans to third parties). The company publishes daily updates regarding the value of its reserves on its website.
How to invest Tether
Until recently, you were only able to invest Tether on crypto exchanges. However, FTX and Binance have recently introduced tokenised stocks, whose price reflect stocks traded on official exchanges. For example, you could trade a digital TESLA token on FTX who’se price is almost a mirror image of Tesla’s share price as it appears on the Nasdaq.
You could also turn to one of several CFD and Forex brokers that accepts Tether. These companies, often setup in offshore tax havens, allow you to fund your trading account through Tether and other digital currencies. This could be of interest if you have an interest in Forex for example.
How to spend Tether
Last but not least, we also wanted to call out ways in which you could spend Tether on yourself, or others, as an increasing number of online merchants will accept USDT for payment.
CoinMonster allows people to purchase top-quality clothes and other accessories including hoodies, pants and sweatshirts. It’s an online store with multiple crypto payment options beyond Tether. These include Monero, Dogecoin and others.
Trueflip is a mobile crypto casino that allows you to play games through your mobile. You need to sign up for it. If you want to spend your Tether then it’s a good option because it offers attractive bonuses.
How to exchange Tether
Last but not least, we also wanted to draw attention to Cryoti.org, a service which allows you to exchange cryptocurrency anonymously. For example, you could swap Tether on the ERC20 network for Tether on the TRC20 network for a small fee, or chose an other set of crypto-currencies.