Digital money for a digital age
Tether gives you the joint benefits of open blockchain technology and traditional currency by converting your cash into a stable digital currency equivalent.
By leveraging Blockchain technology, Tether allows you to store, send and receive digital tokens pegged to dollars, euros, and yen person-to-person, globally, instantly, and securely for a fraction of the cost of any alternative.
How does Tether work?
Tethers exists on blockchains through the Omni Protocol. The Omni Protocol is open source software that interfaces with blockchains to allow for the issuance and redemption of cryptocurrency tokens, in our case, “tethers”.
Tether Platform currencies are 100% backed by actual fiat currency assets in our reserve account. Tethers are redeemable and exchangeable pursuant to Tether Limited’s terms of service. The conversion rate is 1 tether USD₮ equals 1 USD.
The Tether Platform is fully reserved when the sum of all tethers in circulation is greater than or equal to the balance of fiat currency held in our reserve. Through our Transparency page, anyone can view both of these numbers in near real-time.
For a more detailed technical explanation of how the Tether Platform works, please download the Tether white paper.