Tether Operations Limited, has announced that it would be launching the 1USDTM store in partnership with Uquid, a Web 3 E-commerce platform. By utilizing decentralized finance (De-Fi) technology and blockchain infrastructure, this partnership seeks to illustrate the usefulness of USDT in daily transactions and digital commerce, improving both crypto micropayments and the overall crypto purchasing experience.
Through this partnership a variety of goods will only be accessible for purchase with USDT, allowing customers to shop easily and swiftly. It provides a wide variety of goods, all under $1 USD5, catered to various markets, including digital goods like gift cards and mobile top-ups as well as physical goods.
At the time of the announcement, the token was trading at $0.9997, up 0.01% as compared to the same time last day.
“We are excited to work with Uquid to overhaul the crypto shopping experience. In past years, users could only wish for limitless cross-border payment solutions that are reliable and non-restrictive. We are now in the future where all this is being achieved, and we are proud to be part of the driving force that makes this happen. With the launch of the 1 USD₮ store, users and merchants alike can be part of a new era of convenient, transparent, and rewarding digital transactions,”. Said Paolo Ardoino, CEO of Tether.
Tether Sees Upbeat Investor Confidence
Tether has seen upbeat investor confidence in the past few weeks. With 110 billion USDT in circulation, Tether has a market capitalization of $113,115,298,403.
The reason why the coin has been so popular among investors is because Tether combines the strength of blockchain technology with the stability and security that fiat currencies are recognized for. This offers a decentralized, user-friendly payment method that is useful for enabling cross-border transfers to happen virtually instantaneously.
In comparison to the existing banking and finance industry, USDT transactions offer near-instantaneous settlement times, cheaper transaction costs, and better transparency due to the absence of intermediaries like banks and financial institutions.
With a 1-to-1 peg to fiat currencies—for example, 1 USDT = 1 USD—Tether token prices are tightly correlated with those of the US dollar. To get the same number of Tether tokens into their cryptocurrency wallets, users can deposit fiat money into Tether’s bank account. Then, much like with other cryptocurrencies, users can trade, hold, and transact with these USDT tokens without having to worry about abrupt reductions in the Tether price that could cause them to lose all of their money.
Tether deducts the same number of tokens from circulation each time a user sells their USDT for fiat money. By taking this action, Tether’s price is guaranteed to stay fixed against the US dollar.