Tether USDT has achieved a market capitalization of $66 billion.   Irrespective of what critics have to state about the state of the USD peg, USDT is widely getting used as a bridge between fiat and the cryptocurrency space.

Critics who were unwilling to accept the official answers about the peg tried to be sarcastic by asking 66B USDT equals how much USD?

Well done, Tether, on advertising the biggest Ponzi on the planet. The 66 Billion market cap and probably ZERO backings other than dodgy loans to exchanges for upfront interest payments.  The monopoly guy would be proud of you guys. Get ready to enjoy prison food.

Others were like these comments; it’s not even a secret anymore. It’s just an open fact that this is a scam. How much longer can this go on?  Yeah, you better not let us down with minting unbacked USDT.

For those who are just beginning, Tether (USDT) is a stablecoin.  This is a type of cryptocurrency, which focuses on keeping the cryptocurrency valuations stable. Tether has been used by crypto investors who are looking to avoid the extreme volatility of other cryptocurrencies while keeping the value within the crypto market.

Traders use USDT as a substitute for US dollars.  The advantage of using USDT is that the price is stable, and it can be used to transact comfortably in the cryptocurrency space.

For instance, with BTC, if more people adopt it, the price goes up, and if many choose not to support its price, the price goes down. However, with USDT, the price is always at par with the value of USD. Strong fiat currencies back popular stable coins like GBP, EURO, and USD.  There are other kinds of stable coins that are backed by a mix of decentralized crypto assets.

Gemini Dollar, TrueUSD, and USDCoin are other kinds of stable coins like USDT.

Worthy recollecting in the recent past, Stuart Hoegner, in his article on “Tether is setting a New Standard for Transparency — And Responding to Criticism that is Untethered from Facts,” where he covered for different facts like:  Our attestations prove once and for all that Tether is fully backed.  Our settlement with the New York Attorney General’s office should be seen as a measure of our desire to put the matter behind us.  Our reserves breakdown offers suitable transparency into Tether’s reserves. Those who are willing to know more to have an exhaustive glimpse of the facts should check the Medium article.