What is Tether? Which country is the founder of Tether? How to buy and sell Tether?

This article introduces the buying and selling tutorial, definition and founding team disputes of Tether (USDT). The tutorial section takes Binance and Euyi Exchange as examples, explaining the complete process of registration, identity authentication, fiat currency purchase/cryptocurrency exchange USDT and selling withdrawal. As a stablecoin anchored to the US dollar, USDT aims to reduce the risk of volatility in the cryptocurrency market and is widely used in trading hedging and fiat currency exchange. Finally, the article clarifies the dispute over the nationality and core figures of the USDT founding team and mentions Tether's efforts to increase transparency, such as regular audit reports. Want to know about USDT transactions and related information? Read the full text quickly!

1. Tether Coin Trading Tutorial (taking mainstream exchanges as an example)

Step 1: Select a trading platform

It is recommended to use platforms such as Binance or Ouyi that support fiat currency trading.

Binance:

Ouyi (okx):

Step 2: Registration and Identity Authentication

• Complete the email/mobile phone number registration, and submit your ID (such as passport, driver's license) for KYC real-name authentication.
• Advanced transactions require video verification to be completed and higher amounts are unlocked.

Step 3: Buy Tether (USDT)

1. Buy fiat currency directly:
   • Enter the "Fire Currency Trading" area, select the "USDT" trading pair, and filter merchants that support WeChat/Alipay.
   • Transfer money to the seller's account according to the prompts on the order page, and the USDT will automatically arrive after confirmation (it takes about 5 minutes).
2. Cryptocurrency Exchange:
   • Transfer assets such as BTC and ETH to the currency account and place an order to buy in transaction pairs such as "BTC/USDT".

Step 4: Sell TEDA (USDT) to withdraw cash

1. Franchise Channel:
   • Transfer USDT to fiat currency account, select the "USDT" trading pair, and release USDT after receiving the bank card/Alipay information provided by the buyer.
2. Decentralized Exchange (DEX):
   • Through platforms such as Uniswap, converting USDT into other tokens requires paying a Gas fee and bearing on-chain transaction risks.

2. Definition and core characteristics of TEDA (USDT)

Tether (USDT) is a stablecoin launched by Tether in 2014, with a value of 1:1 anchored to the US dollar and aims to solve cryptocurrency market volatility issues

1. Stability mechanism: For every USDT issued, Tether claims to have $1 in his bank account as reserve fund to ensure stable value. Application scenarios: It is mainly used for intermediary media for cryptocurrency trading, cross-border payments and fiat currency exchange. Especially after China banned cryptocurrency exchanges in 2017, it has become a common tool for Chinese investors to purchase assets such as Bitcoin.
   Technical basis: The early Omni protocol based on Bitcoin blockchain was later expanded to multiple public chains such as Ethereum and Tron to improve transaction efficiency.

3. Tether Coin founding team and nationality dispute

There are many statements about the nationality of Tether’s founding team, and it is necessary to clarify with public information:

1. Company background: Tether is registered in the Cayman Islands, and the founding team of the operating entity Bitfinex Exchange includes members with Chinese backgrounds. For example, He Yi (formerly Bitfinex Chief Financial Officer), Lei Yu (Chief Technology Officer), etc. all participated in the early promotion.
2. Core character controversy:
   • Li Xiaolai: Some Chinese materials call him the "founder", but in fact, Li Xiaolai has no direct relationship with Tether, which may be a misinformation.
   • Paolo Ardoino: Current CEO of Tether, leading technology development and compliance. Although he is not a founding member, he plays a key role in the development of USDT.
3. Compliance dispute: Tether has been questioned many times due to the transparency of reserves, and has improved credibility through regular audit reports after 2021.

The above is the detailed content of What is Tether? Which country is the founder of Tether? How to buy and sell Tether?. For more information, please follow other related articles on the PHP Chinese website!