A cryptocurrency is basically a digital asset based on a certain distributed network of many computers. They can operate independently of governments and central authorities thanks to their decentralized structure such as USDC to USDT. The USDT token can be viewed as a blockchain-based alternative to the US dollar. The price stability mechanism is its main strength, making it a convenient way to conduct digital transactions without worrying about price and value fluctuations. Tether is one of the greatest 10 digital assets by market cap as of December 2021 and has a general market cap of more than $77 billion. KuCoin is a notable name in the crypto business as it figured out about how to set up a great foundation for itself as a noticeable all-in-one resource for a wide range of crypto tasks. Investors like KuCoin because it lists small-cap cryptocurrencies with a lot of upside potential and generous profit-sharing incentives. Up to 90% of trading fees are returned to the KuCoin community through KuCoin Shares (KCS) tokens.
Table of Contents
What Is USDT (Tether)?
Tether (USDT) is the first and most widely used stablecoin worldwide in the cryptocurrency market. The USDT price is backed by Tether’s reserves and is 1:1 indexed to the US dollar. It provides all of the advantages of a cryptocurrency, including decentralized design, digital payment transfer, and all other advantages that blockchain technology provides. However, thanks to its peg mechanism, it also has the double advantage of being immune to the high volatility experienced by other cryptocurrencies like Bitcoin and Ethereum.
How Does USDT From Tether Work?
The power of blockchain technology is combined with the stability and security of fiat currencies in Tether. Cross-border payments can be made almost immediately with this decentralized and simple payment option. USDT transactions offer near-instant settlement times, lower transaction costs, and greater transparency than the conventional banking and finance industry due to the absence of intermediaries like banks and financial institutions. The peg between Tether tokens and fiat currencies is one-to-one, so 1 USDT equals 1 USD. This keeps the Tether price close to the value of the US dollar. To obtain an equivalent number of Tether tokens for their crypto wallets, users can make deposits of fiat currency into Tether’s bank account. The USDT tokens can then be traded, held, or traded just like other cryptocurrencies, but users need not worry about sudden drops in the Tether price, which could wipe out their capital.
Tether takes as many tokens out of the total supply whenever users exchange USDT for fiat currency. Tether’s price will continue to be anchored to the US dollar due to this move.
How To Buy USDT
Tether (USDT) can be purchased in several different ways, the most popular of which is through reputable cryptocurrency exchanges or payment options that accept cryptocurrencies. On its platform, KuCoin provides simple and convenient methods for purchasing USDT:
Create A KuCoin Account
If you haven’t already, sign up for a KuCoin account. You must follow the KYC verification procedure to gain access to all of our services and features.
Buy USDT On KuCoin
Utilize KuCoin Fast Trade to purchase USDT with fiat currency by purchasing USDT on KuCoin. Choose from among the more than 70 supported payment options, such as SEPA, Visa, or MasterCard. Using our peer-to-peer service or interacting with third-party sellers on KuCoin, you can also easily purchase Tether.
Buy Tether With Existing Cryptocurrencies
Use the KuCoin Exchange to Sell Your Existing Cryptocurrencies to Buy Tether You can also use the KuCoin Exchange to Buy USDT. Move your crypto holdings into your KuCoin trading account from your external wallet.
Place A Sell Order On KuCoin
Navigate to the Spot Trading section of KuCoin and look for the appropriate crypto pairs based on USDT. Exchange your current cryptocurrency for USDT by selling it. Before you trade USDT, look at the live Tether price, market capitalization, 24-hour trading volume, circulating supply, and news.
Before confirming your sell order, enter the number of cryptocurrency tokens you want to exchange or sell for Tether and check the trading fees.
Safely Store USDT
A few minutes after your trade is completed, the USDT tokens will be added to your trading account. For extra safety, you can move your Tether holdings to a crypto wallet or store them on KuCoin.