Cardano (ADA) and Tether (USDT) are two digital assets that take high positions in the crypto ranking. ADA is 7th on Coinmarketcap by capitalization (over $10 billion). Its price is $0,28 (late June 2023). USDT is ranked third with its cap of over $83 billion and its price is pegged to one dollar.
What is Cardano? Cardano or ADA is a blockchain platform and cryptocurrency that focuses on providing a secure and scalable infrastructure for creating decentralized applications. It aims to solve problems related to scalability, sustainability, and interoperability in the crypto world.
What is Tether? Tether, also known as USDT, is a type of cryptocurrency with its value tied to the US dollar. Its purpose is to provide a more stable and less volatile alternative to other types of digital currencies. The value of USDT is always supposed to be equal to one US dollar. It makes USDT a useful asset for traders and investors who want to protect themselves from market changes or use it to make transactions. In this article, we will discuss how to exchange ADA to USDT.
How to Convert ADA to Tether?
If you’re a trader and want to convert your ADA holdings to USDT, you can use this guide to go through the conversion process easily:
- To get started, find a reputable crypto exchange that allows trading both ADA and USDT. It’s important to choose a reliable platform with strong security measures and sufficient liquidity.
- To create an account on the selected exchange, provide the necessary personal data and complete the required verification procedures. Follow the security guidelines provided by the exchange to maximize the safety of your account.
- To deposit ADA, go to the wallet section. Find the ADA wallet and obtain the singular wallet address provided by the exchange for ADA deposits. Check the accuracy of the address to avoid any possible errors.
- To convert ADA to USDT, go to the trading section and locate the ADA USDT trading pair. Indicate the exact amount of ADA you want to convert and review the transaction details, such as any applicable fees and the ADA price live. Once you are satisfied with the conditions, proceed with the transaction.
- Convert your ADA to USDT by executing the trade. The exchange will use the current market rate and charge fees. A minimum fee on crypto platforms is 0,1%, but some exchanges may charge higher commissions. Once finished, the converted USDT will be added to your exchange wallet.
Now that you’ve converted ADA to USDT, you can manage and use the USDT based on your trading or investment strategy. Tether’s coin value is fixed to the US dollar, providing stability. So you can safeguard against market fluctuations or switch to other cryptocurrencies or fiat effortlessly.
To make wise decisions on when to convert your ADA to USDT, it is crucial to stay informed about market trends. Keep a lookout for news, announcements, and market sentiment related to Cardano, as they can have an impact on ADA price live.