What is USDT and how does it work
USDT (Tether) is a "stablecoin" - a cryptocurrency designed to maintain a stable value of $1 USD. It's backed by real US dollars held in reserve.
Can you explain USDT to me
USDT maintains its $1 value by being backed by actual US dollars. When you buy USDT, Tether holds an equivalent amount of dollars in reserve. You can trade it on crypto exchanges and use it for transactions just like other cryptocurrencies.
How is USDT different from other cryptocurrencies?
Unlike volatile cryptocurrencies like Bitcoin, USDT maintains a stable $1 value and functions as digital cash for payments.