What is Tether OMNI?

Tether is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. It can be transferred, stored or spent just like any other cryptocurrency. The main difference is each unit of USDT is backed by a U.S. dollar. Moreover it is a stablecoin. It is created to always worth $1.00.

The history of the Tether starts in January 2012. Then J.R. Wallet described the possibility of building new currencies on top of the Bitcoin Protocol. To show that it is possible he created the Mastercoin. The Mastercoin protocol became the technological foundation of the Tether cryptocurrency. The first token was issued on October 6, 2014. At the beginning Tether supported three cryptocurrencies: USTether+ for United States Dollar, EuroTether+ for Euros, and YenTether+ for Japanese Yen. The team claimed that every currency is 100% backed with the real currency.The Maincoin Foundation as later renamed to the Omni Foundation.In 2015 Bitfinex enabled trading of Tether on the platform. But the relationship between Bitfinex and Tether is still unclear. While some representatives assured everyone they are two different things, the Paradise Paper stated that they have the same owner.From 2017 to 2018 the amount of Tether tokens grew from $10 million to about $2.8 billion. This growth is absolutely outstanding. Only during summer of 2018, it rose up to 80% of Bitcoin volume.