Tether offers a platform for the storage, sending, and receiving of local currency. The Tether token is backed by fiat currency assets, including USD and Euros. One Tether is equal to one unit of whichever currency is backing it, and it is advertised as being fully backed by assets in the Tether’s reserve account. Since Tether is tethered to fiat currency, it allows businesses, as well as exchanges, wallets, payment processors, financial services and ATMs, to utilize fiat-backed tokens on blockchains.
Tether tokens are digital tokens that are built on different blockchains, like Algorand, Bitcoin Cash’s Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Tron, and Solana. Tether tokens are backed by the company's reserves, which include traditional currency, cash equivalents, and sometimes assets and receivables from loans that are made by Tether to third parties.
Tether was originally developed to utilize the Bitcoin network as a transport protocol—particularly, the Omni Layer—to facilitate transactions of tokenized traditional currency. Tether is an ERC20 token on the Ethereum blockchain, and Tether tokens are available in Ethereum smart contracts or in decentralized applications on Ethereum. Being an ERC20 token, it can be sent to different Ethereum addresses. Since Tether tokens are available utilizing various transport protocols, whenever users send Tether tokens to these other addresses, they are required to check the destination address with caution to confirm that they are picking the accurate transport protocol.
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