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Tether (USDT) is a cryptocurrency with a value meant to mirror the value of the U.S. dollar. The idea was to create a stable cryptocurrency that can be used like digital dollars. Coins that serve this purpose of being a stable dollar substitute are called “stable coins.” Tether is the most popular stable coin and even acts as a dollar replacement on many popular exchanges! According to their site, Tether converts cash into digital currency, to anchor or “tether” the value of the coin to the price of national currencies like the US dollar, the Euro, and the Yen. Like other cryptos it uses blockchain. Unlike other cryptos, it is [according to the official Tether site] “100% backed by USD” (USD is held in reserve). The primary use of Tether is that it offers some stability to the otherwise volatile crypto space and offers liquidity to exchanges who can’t deal in dollars and with banks (for example to the sometimes controversial but leading exchange <a href="https://www.coingecko.com/en/exchanges/bitfinex">Bitfinex</a>).
The digital coins are issued by a company called Tether Limited that is governed by the laws of the British Virgin Islands, according to the legal part of its website. It is incorporated in Hong Kong. It has emerged that Jan Ludovicus van der Velde is the CEO of cryptocurrency exchange Bitfinex, which has been accused of being involved in the price manipulation of bitcoin, as well as tether. Many people trading on exchanges, including Bitfinex, will use tether to buy other cryptocurrencies like bitcoin. Tether Limited argues that using this method to buy virtual currencies allows users to move fiat in and out of an exchange more quickly and cheaply. Also, exchanges typically have rocky relationships with banks, and using Tether is a way to circumvent that.
USDT is fairly simple to use. Once on exchanges like <a href="https://www.coingecko.com/en/exchanges/poloniex">Poloniex</a> or Bittrex, it can be used to purchase Bitcoin and other cryptocurrencies. It can be easily transferred from an exchange to any Omni Layer enabled wallet. Tether has no transaction fees, although external wallets and exchanges may charge one. In order to convert USDT to USD and vise versa through the Tether.to Platform, users must pay a small fee. Buying and selling Tether for Bitcoin can be done through a variety of exchanges like the ones mentioned previously or through the Tether.to platform, which also allows the conversion between USD to and from your bank account.
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Laser Scorebeta Last Audit: 3 February 2023
BEP20USDT._approve(address,address,uint256).owner (#582) shadows:
- Ownable.owner() (#297-299) (function)
BEP20USDT.allowance(address,address).owner (#419) shadows:
- Ownable.owner() (#297-299) (function)
Rename the local variables that shadow another component.
Additional information: link
Variable BEP20USDT._decimals (#347) is not in mixedCase
Variable BEP20USDT._name (#349) is not in mixedCase
Variable BEP20USDT._symbol (#348) is not in mixedCase
Follow the Solidity naming convention.
Additional information: link
Redundant expression "this (#114)" inContext (#104-117)
Remove redundant statements if they congest code but offer no value.
Additional information: link
BEP20USDT.constructor() (#351-359) uses literals with too many digits:
- _totalSupply = 30000000000000000000000000 (#355)
Use: Ether suffix, Time suffix, or The scientific notation
Additional information: link
SafeMath.mul(uint256,uint256) (#187-199) is never used and should be removed
BEP20USDT._burnFrom(address,uint256) (#596-599) is never used and should be removed
SafeMath.mod(uint256,uint256,string) (#262-265) is never used and should be removed
SafeMath.div(uint256,uint256,string) (#227-234) is never used and should be removed
Context._msgData() (#113-116) is never used and should be removed
SafeMath.mod(uint256,uint256) (#247-249) is never used and should be removed
SafeMath.div(uint256,uint256) (#212-214) is never used and should be removed
Remove unused functions.
Additional information: link
renounceOwnership() should be declared external:
- Ownable.renounceOwnership() (#316-319)
mint(uint256) should be declared external:
- BEP20USDT.mint(uint256) (#497-500)
increaseAllowance(address,uint256) should be declared external:
- BEP20USDT.increaseAllowance(address,uint256) (#465-468)
transferOwnership(address) should be declared external:
- Ownable.transferOwnership(address) (#325-327)
decreaseAllowance(address,uint256) should be declared external:
- BEP20USDT.decreaseAllowance(address,uint256) (#484-487)
burn(uint256) should be declared external:
- BEP20USDT.burn(uint256) (#505-508)
Use the external attribute for functions never called from the contract.
Additional information: link
Token was delisted (assigned to inactive / untracked listing) from CoinMarketCap
Additional information: link
Unable to find audit link on the website
Unable to find Twitter link on the website
Token is not listed at Mobula.Finance
Additional information: link
Unable to find Telegram link on the website
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