Tether (USDT) is the USD-pegged stablecoin issued by Tether on the Tron network and considered to be the most popular and widely used stablecoin in the world. If you haven’t heard of stablecoins as a class of assets before, here’s the deal: it is a cryptocurrency which has its value pegged to a fiat currency. This gives its users both the flexibility of digital assets and the stability of the US dollar which is not so typical of most cryptos. Stablecoins allow you to mimic the function of cash within the crypto ecosystem.
When it comes to being controversial, however, Tether also takes a leading position here. Last week Tether mistakenly issued and later on burned 5 billion USDT coins.
Paolo Ardoino, the chief technical officer at Tether, said that there had been an issue with the “token decimals”, as the company attempted to move 50 million USDT from Bitcoin’s Omni blockchain to Tron.
A few theories about how and why this happened came into sight during the past few days. Some speculate on whether it was a deliberate act to manipulate the price of Bitcoin. The Tron Foundation, however, denies it and refers to the situation as an accident. Even though USDT shortly lost its dollar peg after the accidental issue, it managed to recover within hours.
With a constantly growing number of storage options which tend to provide new, yet obscure features, you can find yourself stuck at the very beginning and never get to the point where you can actually benefit from using these storages. Therefore, the Guarda team as a more experienced part of the digital community felt the necessity of helping you get through this jungle of digitalization. In this piece, you have top 5 wallets to store your Tether tokens.
What is USDT?
Tether is a fiatpegged cryptocurrency that was initially issued on the Bitcoin blockchain via the Omni Layer protocol. Each Tether unit is 100% backed in a one-to-one ratio by the fiat currency unit held in deposit by Hong Kong based Tether Limited (i.e. one Tether USDT equals one US dollar). The value of the reserves either matches or exceeds the value of all tethers in circulation.
Tether seeks to unite the past and the future, the old and new financial worlds by bringing the stability and everyday utility of fiat currencies and embedding it into the digital currency realities.
Before we show you the list of the finest USDT wallets, you have to be aware of what type of Tether tokens you own. The first Tether tokens launched in 2014 were issued on the Bitcoin blockchain using the Omni Layer Protocol. However, in January 2018 the TRON Foundation transitioned USDT to the Ethereum blockchain as an ERC-20 token. You can’t store Omni Layer tokens and ERC-20 tokens in the same wallet, so it is important to know which Tether tokens you have.
Guarda wallet – the all in one wallet
The story of Guarda began in 2017 with the first cryptocurrency wallet being released. Since that time the Guarda team has been working day and night to provide its clients with the best services possible.
Guarda Wallet, as we know it, is now a multicurrency light wallet which in addition to USDT and 10.000 other tokens supports more than 40 major coins, such as BTC, BCH, ETC, LTC, EOS, XRP, XMR, etc.
With Guarda Wallet you can:
- Receive and send cryptocurrency
- See your transaction history
- Exchange crypto right within the wallet
- Purchase crypto with fiat currency
- Import and export your private keys to and from other services
- Back up your wallet through a secure encryption algorithm (AES).
Do you feel like Guarda is a trustworthy wallet? If your answer is yes, lots of developers are extremely pleased right now. However, in Guarda Wallet, there is no need to entrust the management of your money to anybody except yourself. The Guarda team believes in decentralization and freedom. Thus, they do not store their customers’ personal data or private keys.
One more tip before you go: use of a non-custodial wallet makes you responsible for keeping your private keys safe and sound. Do not forget them and you will be good to go!
If you have any questions left, you can search for answers in Guarda FAQ or in Guarda blog where different articles are regularly released. Visit the official website as well in order to get more information about the product.
Atomic wallet – the wallet that cares
We do love good multicurrency light wallets functioning on various platforms! Atomic is one of them. It supports over five hundred coins and tokens and is compatible with all major operating systems including Android and iOS (depends on your mobile phone).
Atomic uses Atomic Swap technology to provide its clients with the utmost level of security while exchanging crypto. The idea behind this technology is all about transparency and decentralization of the crypto exchange that eliminates any third party risks.
To download the Desktop version, visit the official website, where you can find all the info you need.
Ledger – your stylish companion
Hardware wallets are considered to be the most secure wallets of them all. And there is an obvious reason for that! They keep private keys off-line – in a so-called “cold” storage on a hardware device.
There’s plenty of fish in the sea and only one Ledger. It is the leading certified hardware wallet which provides users with an additional level of security with PIN protection. In addition to that, it requires both digital and physical inputs to conduct any transaction making it almost impossible to be hacked.
Ledger supports 22 coins and is perfect for the long-term storage of your digital assets. However, if you are more into quick transfers, you might get frustrated by the speed and the price of Ledger wallet. Also, note that Ledger does not support the Omni Layer tokens. In this case, you may need the help of Guarda since it’s integrated with Ledger API.
To see it for yourself, see the Ledger website.
MyEtherWallet — only web and only ERC-20
MyEtherWallet is the most popular Ethereum and ERC-20 wallet which is only available online. What is especially nice – it doesn’t charge money for setting it up on your browser.
Despite being an online wallet which requires an Internet connection to access your funds, MyEtherWallet stores the private keys on the end-user device. Due to that, there is no chance of losing your keys through an exchange hack. However, there are a number of other ways hackers can get access to you, phishing being the most popular one. Knowing that, before you insert your private keys, make sure that you do it on the official website.
Nevertheless, there are two limitations you should know of. Firstly, this wallet does not support protocols other than ERC-20. Thereby, it does not support Omni Layer Tether tokens. So you will have to get an additional wallet for this kind of assets. Secondly, MyEtherWallet is not the most user-friendly at the moment, although its development team is working on that downside.
To check what changed since this article was written, visit the wallet’s official website.
Exodus – aesthetics goals
Are there any fans of an aesthetically pleasing interface where all your actions are fully intuitive? If you have not heard of it yet, we are happy to introduce you to one of the most user-friendly wallets – Exodus.
It is no surprise that nowadays, to make informed decisions, people usually rely on systems which provide visualization of all the available information. That way it is easier for people to process the unstructured data. Exodus team came up with a visual solution for their cryptocurrency wallet: your portfolio of digital assets is displayed in a beautiful circular diagram showing you the ratio in which your funds are divided.
You can send, receive and exchange your Tether coins through Desktop or Mobile applications. Although Exodus supports over one hundred cryptocurrency assets, it does not support the Omni Layer version of USDT.
If you have any questions left, you can ask them in a 24/7 support section which is available on the website.
You may have noticed that we have not covered the official Tether Wallet and that is mainly due to its past security fails. The most notorious one happened in 2017 when $31 million in USDT were stolen. And even though the development team worked through the problem and changed the code, we would not be so sure to trust it again.
We have suggested several wallets which we feel most confident about, and now it is your turn to pick what suits you best. Follow our recommendations and you will find yourself in the most secure and reliable position. Good luck with your digital journey!