Equivalent to the U.S. dollar, USDT tether is a favored stablecoin. Pegging the value of its cryptocurrency to a traditional fiat currency, tether protects users from sudden fluctuations in the price of cryptocurrency coins and backs all of its cryptocurrency by reserves consisting of fiat currency.
First starting its work with USDT in 2014, today tether supports four stablecoins: the U.S. dollar (USDT), the Chinese Yuan (CNHT), and the Euro (EURT), as well as a stablecoin backed by 1 oz. of gold (XAUT). Although the earlier USDT has an underlying bitcoin blockchain, tether introduced ERC-20 four years after its first stablecoin. In contrary to Omni USDT, ERC-20 uses Ethereum blockchain; therefore allowing you to benefit from a range of services, including smart contracts. The creator of USDT, one of the most used stablecoins holds an equivalent in U.S. dollars for every token.
Using the Omni Layer protocol, the first USDT tethers were issued in 2014 and were known as Omni USDT. Built on the bitcoin blockchain, the Omni USDT is a token for making exchanges and trades. The Omni Layer platform, giving way to the generation of one of the most approved stablecoins, is a platform for creating and trading digital assets.
Based on the cryptocurrency technology, USDT coins enable you to convert your tokens according to the amount under custody. The cornerstone of stablecoins, the Omni Layer protocol also facilitates the tracking and reporting of tether exchanges. USDT records are all stored on the bitcoin blockchain. Using Omni Explorer, USDT holders can observe their confirmed transactions. A bitcoin sidechain, Liquid also has started giving services to USDT.
As of 2018, the USDT Tether is also available on the Ethereum blockchain and is known as the ERC-20. In addition to Ethereum, Tron(TRX) and EOSIO(EOS) also allow USDT tether holders to create new assets on their blockchains.
Although available on various blockchain technologies, a massive amount of USDT belongs to the Ethereum blockchain.
The fastest-growing tokens in the crypto market, USDT coins are popular for doing a series of trades and exchanges. Replacing conventional cross-border payments, the USDT Tether has many uses beyond trading.
Today USDT is the most favored stablecoin around the globe, but that does not mean that it does not have any competitors. Facebook announced it is going to launch its stablecoin in 2019.
As explained earlier, there are two main types of USDT. The first type of USDT is built on the bitcoin blockchain, while the seconds has an Ethereum extension. The USDT tokens built on the bitcoin blockchain begin with numbers like "1", "3", or "bc1". , while Ethereum tethers boast "0x" at the beginning of their names.
As you can imagine storing both of these tokens in the same wallet is not an option many service providers offer. But prokey is no ordinary wallet! You can keep both your Omni USDT and ERC-20 tokens on the prokey hardware wallet. The most secure USDT hardware wallet, the prokey wallet provides you with the facilities to switch between different blockchains with just a click. Prokey offers: