USDT for Online Casino
Tether crypto currencies have become hugely prominent of late. Due to being tied, or tethered to, fiat currencies. They act as attractive assets by reducing price volatility. USDT or the US Dollar Tether is a prime example, and the most popular betting stable coin.
Since its inception in 2014, Tether has become the fourth-biggest cryptocurrency in the world.
When looking at trading volume, this stable coin even overtakes Bitcoin. However, Tether is a controversial currency, and, despite theoretically being pegged to the U.S. Dollar (1 UDST should always be the same as 1 USD), its value dropped to 85 cents only in 2018. The coin has since recovered.
Nowadays, Tether is one of the most popular coins for online gambling.
How Does It Work?
Tether was developed based on the Bitcoin blockchain via the Omni Layer protocol. A USDT value is tied to that of a US dollar. The coin can be purchased, sold, stored, spent, and transferred just like any other cryptocurrency.
USDT issues tokens based on both Ethereum and Bitcoin blockchains. Some exchanges and wallets support only Ethereum-based Tether or Bitcoin-based USDT, meaning that you have to be careful about which wallet you send the coins to.
In addition, USDT is not mined or staked. The Tether company creates new coins and introduces them to the market. When a user purchases it, he actually pays Tether, and the company then deposits those funds to its reserves and creates a new coin for the user.
The company also removes USDT from circulation in the same manner. When someone wants to convert Tether into USD, it will sold back to the Tether was subsequently burned, so it was withdrawn from circulation. But this usually happens with bigger customers. Regular Tether users just trade USDT on a cryptocurrency exchange, like with the rest of cryptos.