Lately, cryptocurrencies have been in the limelight. Bitcoin prices rose to their all-time highs in 2020 and breached the 2017 highs. Tether, also known as USDT tokens, is a stablecoin that is a mix of cryptocurrencies and traditional currencies and is pegged to some asset. How can you buy Tether on different platforms?
According to Tether, it's fully backed by cash, currencies, and other assets. The company publishes its reserves daily for transparency. Tether launched in 2014 and was called Realcoin. It's the largest stablecoin by market capitalization. Since Tether is pegged to the U.S. dollar, it values every USDT at $1. In simple terms, your U.S. dollars would be converted into the same number of Tethers.
How to buy Tether on HBTC
A user buys Tether by default on HBTC while trading on the HBTC platform. For example, if you want to buy Efforce’s WOZX tokens on HBTC, you would buy Tether first. Then, you could buy WOZX tokens with Tether. If you don’t want to buy Tether on the HBTC platform, you can also bring it from other exchanges. HBTC has a bitcoin-USDT swap on its platform. While bitcoin prices have surged in 2020, analysts expect the uptrend to continue into 2021 as well.
How to buy Tether on Binance
You can also buy Tether on Binance. The platform lets you pay in many currencies including the U.S. dollar, the Canadian dollar, the Brazilian real, the Indian rupee, and the Saudi dirham. You can buy a total of 19 cryptocurrencies on Binance including Tether. You can pay with a credit card or choose another payment option that Binance provides.
If you don’t have an account with Binance, you will need to create one. Creating an account is a simple process that involves email verification. However, before you start trading, you need to complete the basic KYC and upload the required documents. Binance is among the easiest and most popular platforms for buying USDT tokens.
Can you buy Tether on Coinbase?
Unfortunately, you can't buy Tether on Coinbase because the platform doesn't support it. However, Coinbase offers its own stablecoin called USD Coin (USDC). Like USDT, USDC is also pegged to the U.S. dollar with every token equivalent to $1. According to Coinbase, it has $3.1 billion of USDC in circulation, which is much lower than Tether. However, to make USDC popular, Coinbase is giving rewards to eligible buyers for holding its USD coins.
Can you buy Tether using a credit card?
Yes, you can buy Tether coins using a credit card. Most of the platforms that let you buy Tether have an option to buy USDT tokens with a credit card. Credit cards are a popular way to buy cryptocurrencies because the process is easy, seamless, and instantaneous.
Stablecoins are a form of digital currency that you can hold in your digital wallets and use to buy other cryptocurrencies. A bill introduced in Congress aims to regulate stablecoins. The bill is called The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act. The bill aims to regulate the companies issuing stablecoins. Under the bill, companies issuing stablecoins have to obtain a banking charter.
So far, the U.S. has lagged when it comes to digital currency. China has taken the lead and launched its digital yuan. In December 2020, JD.com became the first online platform to accept digital yuan.