Tether (Stable Coins) Explained in 60 Seconds
Tether is the largest stable coin and the third largest cryptocurrency by market cap. You can think of stable coins as a bridge between cryptocurrencies and traditional money. Stable coins are digital currencies that have their value backed by a real-world asset, usually the US dollar. Stable coins get their name from the fact that their value is stabilized via the real-world asset they represent. Besides their relative stability in comparison to the volatility of other forms of crypto, other benefits of stable coins include:
- Easier to understand concept.
- They are a digitized form of an existing fiat-backed currency.
- They can be moved instantly between crypto wallets, unlike traditional real world currencies.
However, unlike traditional crypto, stable coins are heavily regulated and overseen by third party authorities.
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