Who invented Tether
- DDDOriginal
- 2024-04-23 13:56:16673browse
Tether was invented by Tether Limited in 2014. This stablecoin is pegged to the U.S. dollar at a ratio of 1:1 and is designed to provide stability to Bitcoin exchanges. Tether Limited, co-founded by Brock Pierce, Reeve Collins, and Craig Sellars, claims to hold U.S. dollar reserves equal to the amount of Tether in circulation. Despite controversy and litigation, Tether remains an important stablecoin in the cryptocurrency market.
The inventor of Tether
Tether is a stable currency pegged to the U.S. dollar. Limited was invented in 2014.
Tether Limited
Tether Limited is a company registered in the British Virgin Islands and is responsible for issuing and managing Tether coins. The company was co-founded by Brock Pierce, Reeve Collins and Craig Sellars.
The birth of Tether
In 2014, the Bitcoin exchange Bitfinex faced volatility and slow withdrawal processing speeds. To solve this problem, Tether Limited created Tether, a token pegged to the value of the US dollar. This allows the exchange to provide a more stable trading environment while still leveraging the benefits of blockchain technology.
How Tether works
Tether is issued by Tether Limited, which claims to hold U.S. dollar reserves equal to the amount of Tether issued. This aims to keep Tether’s value pegged 1:1 to the US dollar. Users can buy and sell Tether for trading or storing value.
Controversy
Tether has been controversial, with some accusing Tether Limited of failing to provide sufficient evidence to support its claims of U.S. dollar reserves. In 2019, the New York Attorney General’s Office filed a lawsuit against Tether Limited, accusing it of misleading investors about its reserves. The lawsuit was eventually settled without Tether Limited admitting wrongdoing.
Despite the controversy, Tether remains a widely used and important stablecoin in the cryptocurrency market. It provides stability to transactions, making it a popular choice among investors looking for a store of value.
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