How safe is Tether.to/USDT?

[mich]

Tether CTO: ‘USDT Will Continue to Exist Alongside CBDCs’

With a market cap over $10B, Tether isn’t likely to be displaced by any central bank digital currency according to Paolo Ardoino.

https://cointelegraph.com/news/tether-cto-usdt-will-continue-to-exist-alongside-cbdcs

[Iyeman]

In my opinion USDT appears to be the most popular stable cryptocurrency and it holds a large chunk of the stable coin market. I've heard some negative news about USDT not being entirely stable at its right. I can plainly say that USDT stability is controversial, but that doesn't stop it from serving its purpose.

that's true and mostly people were still using USDT, it looks like some people may not feel good with the existence of USDT but that's life when you were seeing people who are not in the same way with you.
Im also still using USDT and im not getting any problem even i have used USDT to do a daily transaction too.

[erikoy]

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.

Yes, this is also my stand that when one convert their money into crypto even if it is stable like usdt might still be risky due to some exchanges hi-jacking or phishing sites. So if one must secure money banks are usually a glld idea where to place these money. Usdt and fiat currency were stable so i guess there is no need for a stable coins. But this type of crypto might be useful especially when market volatility strikes like bitcoin halving so it is better to convert it to stable crypto than fiat foe it will take lesser fees crypto to crypto compared to crypto to fiat. Banks takes high transaction fee than crypto transaction fees.

[gaston castano]

In my opinion USDT appears to be the most popular stable cryptocurrency and it holds a large chunk of the stable coin market. I've heard some negative news about USDT not being entirely stable at its right. I can plainly say that USDT stability is controversial, but that doesn't stop it from serving its purpose.

that's true and mostly people were still using USDT, it looks like some people may not feel good with the existence of USDT but that's life when you were seeing people who are not in the same way with you.
Im also still using USDT and im not getting any problem even i have used USDT to do a daily transaction too.

It's true that the daily volume of tether is also very large, some people say tether is dangerous because it can disappear at any time, but that does not make tether so it is not used.
I see there are still many who use it.
even tether is the top 1 daily volume on the crypto market for now.

[Vishnu.Reang]

In my opinion USDT appears to be the most popular stable cryptocurrency and it holds a large chunk of the stable coin market. I've heard some negative news about USDT not being entirely stable at its right. I can plainly say that USDT stability is controversial, but that doesn't stop it from serving its purpose.

I am not sure whether USDT is the most popular stablecoin right now. Even if that is the case, I am sure that Binance USD will be able to topple it. For sure, Tether claims to have a circulating supply of $10 billion or so. But how much of this supply is in free-float? And how much of this is being held outside the exchanges? I still believe that USDT is having a lot of liquidity issues and it will be out in the open sooner than later.

[3227jw]

I have very mixed feelings about USDT.

I personally use it sometimes when trading, but I dont think its safe at all.
Back when USDT started, it posted all the documented proof of their cash holdings from banks to prove that they have enough dollars to back up every USDT tokens.
But after couple of months or so, if I remember correctly, they stopped posting these proofs and just began to massively produce more and more USDT.

This is one of the biggest reasons for the 2017 pump, and now USDT is no where near backed up by their USD holdings.

I do agree, however, that it is indeed the most popular stable coin, and thats gotta count for something.
So I would use it to do day tradings or dodging a big dump, but I would never hold them nor stake them for mid to long term.

[Aaroenz0r]

In my opinion USDT appears to be the most popular stable cryptocurrency and it holds a large chunk of the stable coin market. I've heard some negative news about USDT not being entirely stable at its right. I can plainly say that USDT stability is controversial, but that doesn't stop it from serving its purpose.

I am not sure whether USDT is the most popular stablecoin right now. Even if that is the case, I am sure that Binance USD will be able to topple it. For sure, Tether claims to have a circulating supply of $10 billion or so. But how much of this supply is in free-float? And how much of this is being held outside the exchanges? I still believe that USDT is having a lot of liquidity issues and it will be out in the open sooner than later.

I have to say the opposite thing. The fact that Tether backed by real fiat money can't be deny. In my opinion, USDT is more stable than BNB. Despite many doubts about the supply of money that back USDT, I have to say that USDT has been around the market long enough to be one of the most trustworthy stable coins. Until now, I have no problem with investing in USDT!

[Apostlekin$$$]

Not safe for criminals or any illegal activities and fraud money, honestly I just trust USDT more than even BUSD and USDC, it's a matter of choice of course but definitely a bad choice for scammers, hackers and fraudsters

[ufaiz50]

I don't know what to answer, tether.to is the official website for coin tether / USDT, and I'm sure we all know that coin. Although many conspiracy theories on USDT use the concept of stable, but so far USDT is safe. Safe or not depends on your goals and what transactions you will do. USDT is a coin that increases the type of stable coin so I think it's very funny if you keep asking that.

[Wingsbtc]

Tether (USDT) is safe and better than many stable coins in crypto space, for security reasons I advice to only keep some dollars in USDT, for me the max is 1000$, it's not bad to hold other stable coins like BUSD too,

[mich]

Tether Jumps to $10 Billion Market Capitalization

Tether has reached $10 billion in market capitalization as growth in 2020 picked up.

https://cointelegraph.com/news/tether-jumps-to-10-billion-market-capitalization

[mich]

Tether set to overtake Bitcoin in another important metric

The market capitalization of Tether has multiplied fivefold in the last year. Now the stablecoin is being used to move more value than ever.

https://decrypt.co/36328/tether-set-to-overtake-bitcoin-in-another-important-metric

[kynaz]

I don't know what to answer, tether.to is the official website for coin tether / USDT, and I'm sure we all know that coin. Although many conspiracy theories on USDT use the concept of stable, but so far USDT is safe. Safe or not depends on your goals and what transactions you will do. USDT is a coin that increases the type of stable coin so I think it's very funny if you keep asking that.

USDT is the safest for me and 100% of investors here have used this coin to trade in the past. In addition, USDT is always available at all exchanges in this market so there will not be any risks that you need to worry. I am also using USDT and for me this stable coin is the number one in this market. There are many other options like HUSD, USDC, TUSD but generally there is no stable coin that can replace USDT.

[bittick]

Not safe for criminals or any illegal activities and fraud money, honestly I just trust USDT more than even BUSD and USDC, it's a matter of choice of course but definitely a bad choice for scammers, hackers and fraudsters

I think so because the stolen amount can be frozen anytime when there was a report about that, if USDT has a very bad reputation like what already accused by some people and it will never be used by a lot of people in all of crypto exchange sites.

[bison]

Not safe for criminals or any illegal activities and fraud money, honestly I just trust USDT more than even BUSD and USDC, it's a matter of choice of course but definitely a bad choice for scammers, hackers and fraudsters

I think so because the stolen amount can be frozen anytime when there was a report about that, if USDT has a very bad reputation like what already accused by some people and it will never be used by a lot of people in all of crypto exchange sites.

some exchanges already have their stable assets or other stable assets that support the daily trader. The USDT may have a large market, but like binance, it has created its stable assets and is now even supported for fiat currencies.

[Moeda]

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 think there are so many wallets that you can use to hold Tether. If you have doubts about the Tether platform, which is still in beta. Almost all wallets support Tether, because Tether is a successful stable coin. If Tether ERC20, I think using MEW wallet will be safer. But MEW doesn't support Omni Tether.

[Stanlo]

If you aren't storing big money in USDT you shouldn't be scared of getting your address freezed, spread your fund across other stable coins as well if stable coins is a must have for you, there are USDC, BUSD, DAI and few others too, I have no problem with USDT and this can't make me stop using it too

[el kaka22]

I would say it is semi safe right now and not totally safe, there is still some ways to go because there is still the centralization issue and that really kills the whole concept of it, but without a central organization how do you really turn dollar to usdt and usdt to dollar which is why I think there is no way to make a stable crypto currency into a decentralized concept since you always need some sort of organization to act as a "bank" in the middle.

However they have to at least be a bit more transparent without them being transparent we are just blindly trusting them with 10 billion dollars and that is not really acceptable right now. At the same time it is everywhere, all exchanges have it, I am not sure if I would like to actually be part of that or not but that gives a security to it.

[posi]

I would say it is semi safe right now and not totally safe, there is still some ways to go because there is still the centralization issue and that really kills the whole concept of it,

I wont call it semi safe because USDT can freeze user fund just like USDC did acouple of days back and they are never honest/transparent about their total assest backed.

but without a central organization how do you really turn dollar to usdt and usdt to dollar which is why I think there is no way to make a stable crypto currency into a decentralized concept since you always need some sort of organization to act as a "bank" in the middle.

Dont tell me youre still among those that believe only centralizm is the only solution for stablecoin are you not aware that there are 3 various type of stablecoins?
Fiat backed, precious metal and crypto backed.

 

However they have to at least be a bit more transparent without them being transparent we are just blindly trusting them with 10 billion dollars and that is not really acceptable right now.

Glad yoh understand that they need to be transparent which they are not till now.

At the same time it is everywhere, all exchanges have it, I am not sure if I would like to actually be part of that or not but that gives a security to it.

Thats because it was the first stablecoin and i dont kbow why most exchange are still fool by them despite their lying.

[mich]

Tether (USDT) Inflows to Exchanges Reach Highest Level in 2020

The inflow Tether (USDT) to cryptocurrency exchanges recently reached its highest level since November 2019, according to data provided by Glassnode.

https://cryptocomes.com/news/tether-usdt-inflows-to-exchanges-reach-highest-level-in-2020