USDT is a cryptocurrency asset issued on the Bitcoin blockchain via the Omni Layer Protocol. Each USDT unit is backed by one US dollar which is held in the reserves of Tether Limited and can be redeemed through the Tether platform. USDT can be transferred, stored, spent, just like bitcoins or any other cryptocurrency, users can transact and store tethers with any Omni Layer enabled wallet like Ambisafe, Holy Transaction or Omni Wallet.
USDT and other Tether coins were created to facilitate the transfer of national currencies, provide users with a stable alternative to Bitcoin, and provide an alternative to currently unreliable exchange and wallet audits. USDT offers an alternative to proof-of-solvency methods by introducing a proof-of-reserves process.
In the Tether Proof of Reserves system, the amount of USDT in circulation can be easily verified on the Bitcoin blockchain via the tools provided on Omnichest.info, while the corresponding total amount of USD Reserves held is proven by publishing the bank balance and carrying out regular audits by professionals. ....
