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What is the role of USDT (Introduction to USDT)

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What is the role of USDT? The understanding of cryptocurrencies is becoming inc

What is the role of USDT (Introduction to USDT)

What is the role of USDT? The understanding of cryptocurrencies is becoming increasingly widespread globally. In order to better utilize these crypto assets and gain support from regulatory authorities, Bitcoin, as one of the most common types of currency, is considered a “digital gold”, but its main purpose is to achieve this goal by providing investors with stable prices and other financial services.

According to a recent report by the Bank for International Settlements (BIS), despite the Bitcoin price having dropped by around 50% since January 2018, it still has great potential to continue as an anchor for the global reserve currency status, due to the growing trading volume and rapid development of the Bitcoin network. Additionally, there has been significant improvement and increased adoption of applications on the Ethereum blockchain. With the increasing number of smart contracts on the Ethereum chain, Bitcoin remains consistent and has higher usability on various mainstream public chains.

Introduction to USDT

USDT is a digital currency issued by the Bank for International Settlements (BIS) and the Swiss National Bank, which is currently used by over 100,000 merchants in Europe. According to Reuters, financial institutions are exploring how to use these wallets to provide their customers with US dollar pricing tools. Furthermore, there are plans to expand its usage to other jurisdictions.

In order to address this issue, the bank announced a collaboration with the Swedish Central Bank to conduct a trial project to expand the usage of USDT. The initial phase of this project will last for six months, aiming to further study such activities. This experiment is designed to make transactions faster, lower costs, increase transparency, and promote the modernization of payment systems through “real-time data exchange on the blockchain.” (Cointelegraph)

Prior to this news, after Brexit, US Treasury Secretary Steven Mnuchin stated that the government will take more measures to prevent an economic downturn in the crypto industry, but it still requires approval from regulatory authorities. (FinanceMagnates)

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