Updated – 02nd March 2024
Tether (USDT), launched back in 2014 (when it was called the “Realcoin”), is a stablecoin. In other words, USDT is a stable value cryptocurrency attached to the US Dollar’s price.
Although other stablecoins have popped up in the market over time, Tether remains the most popular stablecoin and is widely used for trading, earning interest, and loans. Tether in India is one of the most stable cryptocurrencies available.
Thanks to its USD pegging, Tether’s Price in India is relatively stable. As of 5 January 2022, 1 Tether’s price in India is around ₹79.51. Its predictable and safe trajectory gives Tether investors certainty about its nature and trend in the future.
With Tether, it becomes quicker and easier to swap any cryptocurrency since converting a cryptocurrency to hard cash usually takes longer and involves hefty transaction fees. Its popularity also helps deliver liquidity to exchange platforms and no-cost exit strategies for investors while adding stability and flexibility to an investor’s portfolio.
What is Tether?
Tether is a second-layer cryptocurrency token that is built on top of Bitcoin’s blockchain by using the Omni platform, which was later named USTether, and then eventually to USDT. USDT was later upgraded to work on the Tron, Ethereum, EOS, OMG, and Algorand blockchains.
The purpose of USDT is to combine the unrestricted nature of cryptocurrencies (which need no intermediaries) with the stability of value found in the US Dollar. It is protected from all the infamous fluctuations we can see in the crypto markets, making it more reliable as a store of value.
How Does Tether work?
As mentioned above, Tether USDT is a stablecoin that is pegged to a real-world tangible currency. With this, it gains a major advantage against other cryptos in terms of reliability and stability.
Investors and traders buy Tether USDT mainly in order to protect themselves against the volatility seen in the cryptocurrency market. In addition, Tether’s remittance capability is also a big reason for which it attracts so much interest. It can be sent to any part of the world, converted to USD or Euros, and withdrawn as simply as Bitcoin.
How to Invest in Tether?
Investing in Tether entails purchasing Tether (USDT) through one of the several platforms available in India. There are numerous apps available now that make it very easy to acquire and invest in Tether. All you need is an account on one of these platforms like WazirX.
The WazirX application displays the latest value of Tether and other accessible cryptocurrencies, giving investors crucial information on the rise and fall of any cryptocurrency’s value.
How to Buy and Sell Tether in India?
The Tether cryptocurrency can be traded freely in India through a variety of platforms that provide Tether purchasing and selling as a service. You can start by going to a crypto exchange platform where Tether trading is supported and utilize the online platform or app to buy or sell the cryptocurrency.
WazirX is India’s leading crypto exchange platform and is backed by the world’s largest cryptocurrency exchange – Binance. With WazirX’s QuickBuy option, you can easily begin investing for as little as 100 rupees in less than 60 seconds.
Is Tether Legal in India?
Cryptocurrencies aren’t illegal in India; therefore, anyone can buy or trade cryptocurrencies such as Tether. However, you should keep in mind that Tether and other cryptocurrencies are currently unregulated in the country. India may soon establish regulations for the sector.