Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Outstanding Tether is backed 1-to-1 by traditional currency held in Tether Limited’s reserves. Accordingly, 1 USD₮ is always equivalent to 1 USD.
Tether works to disrupt the conventional financial system via a more modern approach to money. Tether has made headway by giving customers the ability to transact with traditional currencies across the blockchain, without the inherent volatility and complexity typically associated with a digital currency. As the first blockchain-enabled platform to facilitate the digital use of traditional currencies (a familiar, stable accounting unit), Tether has democratised cross-border transactions across the blockchain.
Verified Bitfinex users can freely deposit, trade and withdraw USD₮ and EUR₮, converting these to fiat (and vice-versa) through means of USDT/USD and EURT/EUR trading pairs on our platform.
Learn more about the benefits of using Tethers here.