Steemitcryptoacademy || my week-6 home work submission post for @yohan2on.

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Hello steemians Welcome to my week 6 home work post submitted to professor @yohan2on which is about stable coin. Thanks as you take your time to go through this post

I'll be writing about TETHER (USDT)as a stable coin.

#TETHER
Tether (USDT) is a Cryptocurrency lunched in 2015 and operates on the Ethereum platform. Tether has a current supply of 40,636,336,749.197266 with 39,208,053,040.53945 in circulation. It is currently trading on 11530 active markets with $87,671,188,261.69 traded over the last 24hours. Source: https://tether.to

What is Tether (USDT) It is the most popular stable coin, it founders are Brock Pierce, Reeve Collins and Craig Sellars; the need for tether came in when it was difficult for exchangers and companies to hold fiat currency. In order to hold fiat money on behalf of the user, the exchange needed to have a licence. The need was aggravated by the need for traders to be able to easily move between Crypto and fiat and thus tether was invented.
Source: https://wikipedia.com

Tether is a stable coin that's pegged to the United States Dollar (USD). It has a ratio of 1:1 with USD this means that as USD increase/decrease, Tether is always a mirror of it. That is to say if USD is 1 then Tether is 1. This also means that if the value of 1 Dollar is 480 Naira, the value of USDT would be 480 Naira as well in Nigeria.

What is its importance then? Imagine trading in Bitcoin and you make much profit but the price starts falling, selling it to Dollar or Naira would be the rational thing to do but when you think of the time spent in the process of the transaction and the value of the fiat currency at that time (since they do fluctuate) you need a better option, which is to convert to a stable coin (USDT), so we can say USDT act as a lifejacket in time of inflation and currency devaluation (rainy days).

I really appreciate you all for going through my article, reviews, critics, suggestions and corrections are welcomed.

Thanks!

Cc: @yohan2on