So it is pretty much considered a safe haven on exchanges to avoid bear days. That is the only use?

Launched in late 2014 Tether is a cryptocurrency whose main focus is to keep a stable value. It works just like Bitcoin, but it has 2 major differences. First is the fact that each Tether (USDT) is pegged at $1 USD. If you look at Tether’s price chart you will see that it always has a value of $1. The way the currency accomplishes that is because every Tether is backed by a real US dollar. There is a trade off however for such a stable currency. If you would like to trade tether you need to provide some personal information to pass KYC / AML regulations.

The second difference is that Tether doesn’t have its own blockchain like most cryptocurrencies. Instead, it runs on the Omni Layer, which is a platform built on top of Bitcoin, allowing the issuance of digital tokens such as Tether. In a way, each Tether transaction is a Bitcoin transaction which is made through the Omni Layer. Tether’s market cap is ranked at number 21 and is at $14 million. If you are tired of the volatile crypto market and want to store some coins in a stable crypto asset, definitely look into Tether.