How safe is Tether.to/USDT?

[kindbtc]

I have found usdt to be fine and i am trading it regualrly without any problem what so ever, also i have read somewhere that their audit report is also ok and it is a legitimate and fiat backed token so many people who were confused must have got the answer now. It is legit that is why it is available at all the big platforms and it has the largest volume in its category of fiat backed coins so there is no question of it being bad.

[oscarftw]

Hi everyone,

I'm just wondering about people's opinions on how safe is Tether.to/USDT? In terms of putting largish amount of money in there ($10k+), what is the risk of the service going out of business, or not honoring withdrawals? I.e. what is the risk of another Mt Gox, Mintpal or Cryptsy incident on here?

I can see that it still says "Beta" on the main page, and that it's a Hong Kong outfit. Not sure what kind of financial regulation/overwatch they have over there when it comes to these things.

I guess other little warning bells are that they don't have an easily accessible support link on their user interface (you can however email support@tether.to), or at least I couldn't easily find it.

Is there a safer way (which is still easy and cheap) to park some USD while BTC is going through it's fluctuations?

Thanks

I was very frustrated when you think that BTC price is very fluctuate. Tether is a stable coin as like others 4-5 stablecoin but tether is the best one. After everything if you can't trust USDT coin than you can only USD which is available in several exchange, of course should use very trust exchange. Although 10K isn't very big amount to hold in USDT because I trust Tether.

[ahyadinnn]

I was very frustrated when you think that BTC price is very fluctuate. Tether is a stable coin as like others 4-5 stablecoin but tether is the best one. After everything if you can't trust USDT coin than you can only USD which is available in several exchange, of course should use very trust exchange. Although 10K isn't very big amount to hold in USDT because I trust Tether.

Tether is indeed the best for stable coins and in various large markets also applies the Tether market, I often use Tether to buy and sell altcoin because the value is the same so if prices start to fall I will sell it with Tether and buy again at the lowest price

[kayvie]

Unfortunately, I would say, tether is not safe at all.
Also, why would you want to park your usd in tether while btc fluctuates?
Wouldn't you rather actively trade to take advantage of those fluctuations.

Another thing to consider, is do you even need a stable coin?
In a lot of ways, a stable coin can actually work against you.
The main reason is that the stable coin is actually not really stable at all.
It's only real use is to use it in crypto trading and the market is entirely unstable.
I mean, just think of this, keep your usd in a normal savings account, you'll at least get some interest.

Do you have any referrence to provide on how and why did you say that tehter is not safe?

There are people who wants to avoid the current situation we have right now, it is very unstable wherein they can't predict the flow of the market. They prefer to exchange their tether to btc if the bull run starts.

Yes, we do need a stablecoin.
It is used to avoid the volatility or the unstable market we have, most investors prefer to keep the value of their investment, though it is based on the amount of USD, it is better than to lose tens or hundreds of dollars in a blink of an eye.

[moonblocks]

You can store Tether in your own wallet or one of the more reputable exchanges if you want to hedge against volatility for Bitcoin and any alternatives that are pegged to it and this is often done by day traders and smart investors

[hirngespenst]

It's been 4 years when you made this topic mate but I wonder answer is still the same. No exchange came in these years that we can trust their security blindly and USDT still don't have 100% safety as their some activities look suspicious! If I had 10K USD for hodl, then I would convert that into USDC and hodl in a hardware wallet. If someone asks me about it, I will suggest them the same, because USDC and Hardware wallet is better in every way!

[awik p]

You can store Tether in your own wallet or one of the more reputable exchanges if you want to hedge against volatility for Bitcoin and any alternatives that are pegged to it and this is often done by day traders and smart investors

it's better to keep a tether in a personal wallet, so we can take full responsibility for the security of our assets. indeed save on an exchange that has a good reputation is safe, but this will increase the risk, because we entrust assets to other parties. and we don't know going forward about the exchange

[Lantind]

You can store Tether in your own wallet or one of the more reputable exchanges if you want to hedge against volatility for Bitcoin and any alternatives that are pegged to it and this is often done by day traders and smart investors

True, if we want to assess the value of assets that are already in the wallet it is better to save in the form of Tether, because Tether is a very stable token and sometimes those who store Tether can also benefit from a slight increase in Tether prices.

[davinchi]

Anything as a centralized-corporate based must be NOT safer to work with as government may seize them at any time. When facebook was first talking about their stablecoins, the American senate people were empathizing about strictly following all the federal things before issuing a stable token because if you want be a bank then you must make yourself a bank first. Migrating an asset with fixed value cannot work. By this way tether may face allegations at any time even they will not be covered under US/European laws.

We can make use of tether and I guess as it is a stablecoin, most of us not holding it. As long as we are not holding them for longer periods, I guess we are all safe with tether right away but anything may happen in near future so get ready to face them at any time.

[bkbirge]

Still don't understand the use case for Tether, other than as a temporary place to park value between trades on the ever diminishing number of exchanges that don't settle in fiat.

[cabron]

The only people trust is BTC actually but tether gives opportunity to earn more BTC if a trader just knew what he is doing.
My question however is if you get to have a ton or tether stored in your ether wallet, is it safe that USDT will live long until the market once again flourish because if the tether.to end up scamming or seized by government, USDT will be doomed and your money is gone. Is this posible?

[mich]

Tether Mints $120 Mln Worth of USDT. Bitcoin (BTC) Price Boost Incoming?

The Bitcoin (BTC) price spikes two percent as Tether prints $120 mln USDT to address future demand

https://u.today/tether-mints-120-mln-worth-of-usdt-bitcoin-btc-price-boost-incoming

[mich]

Tether just printed another $240m as demand for Bitcoin flourishes

Demand for Bitcoin has been skyrocketing in recent times, with this newfound excitement from investors coming mere weeks before the benchmark cryptocurrency undergoes its highly anticipated mining rewards halving event.

https://cryptoslate.com/tether-just-printed-another-240m-as-demand-for-bitcoin-flourishes/

[mich]

Tether Printer Goes Brrrr: 1.6 Billion USDT Minted In April As Bitcoin Recovers From March Loss

Tether, the issuer of the dollar-pegged stablecoin USDT, is in the limelight again as the company’s treasury minted fresh USDT worth more than a billion dollars in a single month.

https://cryptopotato.com/tether-printer-goes-brrrr-1-6-billion-usdt-minted-in-april-as-bitcoin-recovers-from-march-loss/

[Novatech8]

Do not keep coins on any exchanges, they aren't safe, USDT is a stablecoin pegged to dollar but it's Centralized kinda that's why I don't like using it, I think Dai and USDQ are better, anything decentralized are just safer

[mich]

As Tether Supply Hits Record Highs, It Moves Away From Original Home

“At Tether, we truly care for Omni, since it was the first protocol that made Tether possible, and it also relies on Bitcoin security. But we had to give traders what they were asking for.”

https://www.coindesk.com/as-tether-supply-hits-record-highs-it-moves-away-from-original-home

[BlacksmithCorporation]

There is no 100% security in the crypto space, but I think USDT's security level is acceptable even though it has some issues. Many exchanges list USDT, the top exchanges list it.

[CuriousGeorge]

There is no 100% security in the crypto space, but I think USDT's security level is acceptable even though it has some issues. Many exchanges list USDT, the top exchanges list it.

USDT never faces a security problem and all of smartcontract of USDT were fully audited and people should not feel worry about that. This is a trusted stable coin that already traded in all of exchange sites.

What issues that you have been talking about?

[TheICE007]

After several years of trading cryptocurrency,I think tether is safe,now if you are a trader, trading bitcoin,in times of fluctuations,I mean when there is usually a dip,with Tether being a stable coin,you can convert your bitcoin to tether and hold,price won't dip futher because it's stable.

[ethereumhunter]

After several years of trading cryptocurrency,I think tether is safe,now if you are a trader, trading bitcoin,in times of fluctuations,I mean when there is usually a dip,with Tether being a stable coin,you can convert your bitcoin to tether and hold,price won't dip futher because it's stable.

The Tether can be a solution for people who don't want to see their bitcoin value up and down because Tether value is not up and down too deep. They can hold Tether for a long time until they see bitcoin price is down deeper so they can back to buy bitcoin at a low price. But they need to store the Tether in the other wallet and don't use the exchange wallet because that will not be safe for them. They can send some amount of Tether back to the exchange to buy any coins.