What is Tether Omni?
Tether OMNI is a cryptocurrency launched on the Bitcoin blockchain. Being a stablecoin, each USDT is backed by a reserved U.S. Dollar. Tether, just like other cryptocurrencies, can be transferred, held or spent on goods and services. USDT was created to facilitate the transfer of national currencies and provide the users with a non-volatile alternative to popular cryptocurrencies.
The amount of circulating Tether must always be equal to the total amount of Dollars stored in Tether Limited bank account. To prove this, the company publishes the bank account balance on their website, in the Transparency section.
Since each USDT in circulation is backed by the fiat currency (either USD, EURO or Yen), Tether is a fiat collateralized crypto. It was originally built on Omni Layer using the Bitcoin network as its transport protocol, allowing for transactions of tokenized traditional currency. Then it also started to use the Ethereum protocol making Tether available in ETH smart contracts and dApps. Lately, TRON blockchain added USDT too.
