In recent times, there has been a lot of volatility and panic in the cryptocurrency markets. Some of the biggest cryptocurrencies in the market have recorded significant losses in recent times but one digital asset that has managed to remain largely steady is the stablecoin Tether.
Towards the end of last month, many traders had actually pointed out that while many cryptocurrencies went down in value, Tether or USDT continued to hold firm. It is easy to see why it remained steady.
Tether is a stablecoin and its value is backed up by the external fiat currencies, which is why it remains steady despite the usual chaos in the crypto market from time to time. Stablecoins are trusted digital assets due to this particular ability and Tether is the most popular among the different variants of stablecoins at this point. It is backed up by the United States Dollar and that is perhaps the biggest reason behind its popularity.