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How to Buy USDT (Tether) in the UK

You can buy Tether (USDT) with GBP using Faster Payments and Plaid with Cabital. Read on to find out how.

If you are reluctant to buy cryptocurrency because of its notorious volatility, it’s time to change your mind. Because you can now invest in Tether, which is also known by its symbol of USDT, which is a U.S dollar-backed stablecoin. This means each USDT is backed by US $1, and you can redeem your USDT holdings for the equivalent in USD.

While there are some minor fluctuations in the value of the USDT, it manages to stand out as the most stable digital coin among other cryptocurrencies, in part because of its status as the first stablecoin. Currently ranked third in overall market capitalisation, USDT is the largest and the most popular of the stablecoins. 

When it comes to buying USDT, we have you covered. We’ll be covering the best ways to buy USDT with GBP and how you can get started with investing in cryptocurrency with USDT! 

What is USDT (Tether)

Launched in 2014, USDT has emerged as the world’s most widely used stablecoin. USDT is the first successful stablecoin backed by the U.S. dollar and is among the earliest digital currencies. Each USDT is redeemable for a U.S. dollar that is held by Tether Limited.

In order to ensure the one USDT to one USD backing remains steady, the balance of fiat currency held in Tether’s reserves is equal or greater than the number of tokens in circulation. 

After a USDT has been issued, the owner can transfer, store or spend it like any other cryptocurrency.

Why Invest in USDT (Tether)

Since USDT is backed by the U.S. dollar, it serves as a way of entering the cryptocurrency market, offering a stable haven for investors. 

The demand for USDT comes from traders who are looking for a way to enter and exit positions in their trades in more volatile cryptocurrencies, as they can convert their crypto assets into stablecoins while waiting for the next trading opportunity. This saves them from incurring additional transaction costs of converting their crypto into fiat, by letting them convert into the price stable USDT.

As an investor who’s looking for a more stable digital currency that provides an easy entry into the world of cryptocurrency, USDT is a great option. It lets you avoid the volatility of prevailing cryptocurrency markets, and the demand for USDT offers investors an opportunity to benefit by depositing their USDT assets with a crypto wealth management platform (like Cabital). The platform takes care of investing your assets into DeFi projects, where you receive returns in the form of APY

At Cabital, you’ll be able to earn leading interest rates on your USDT, generating a steady stream of high-yield passive income and enabling you to hedge against inflation, while minimising your cryptocurrency risk.

Where Can I Buy Tether?

If you’re ready to start buying USDT, it’s time to choose the right platform. Although there is a wide range of crypto trading exchanges, you should look for a platform that is secure and reliable, where you’ll incur no hidden fees and can put your crypto to work right away, without needing to transfer your funds to a different platform. With Cabital, buying Tether is safe and simple, and you’ll be able to put your newly purchased USDT to work right away.

Cabital compares the rates across a variety of crypto exchanges, offering you leading exchange rates so you maximise your investments. With a short processing time, you’ll have a buffer against any unexpected volatility, as the price you see will be the price you pay. When you’re buying USDT in the UK, you can securely make payments in British pounds through fiat bank transfer using Faster Payments (FPS) or Plaid, with the option to use SEPA, if you prefer to purchase with euros.

How Can I Buy USDT (Tether) With GBP Using FPS

You can download the Cabital app on Apple App Store or Google Play. 

After signing up for a Cabital account and verifying your account, you’ll be able to buy USDT with British pounds on Cabital with bank transfer through FPS, without worrying about incurring any hidden fees:

  1. Choose Cash and GBP as the currency

Convert GBP to crypto
Convert GBP to crypto

After selecting the Deposit option from the + menu on Cabital’s home screen, you can start the purchasing process.

  1. Select Bank Transfer (Faster Payments)
Buy crypto with GBP through bank transfer with FPS
Buy crypto with GBP through bank transfer with FPS

Any customer who holds GBP can use bank transfer (FPS) to deposit cash and exchange their GBP for crypto assets (and vice versa) 

  1. Deposit GBP to your Cabital account through online banking
How to buy crypto with GBP via bank transfer
How to buy crypto with GBP via bank transfer

Selecting FPS takes you to the deposit details needed to transfer GBP to your Cabital account. You can tap the copy icon on the right and paste the required information (especially the reference code) into your online banking app or website.

The reference code is important to ensure you get your funds. It’s a transaction match identifier, so without the right reference code, we can’t proceed with your deposit.

  1. Convert your deposited GBP to USDT
Convert cash into crypto with Cabital
Convert cash into crypto with Cabital

Cabital lets you convert your GBP to USDT at leading exchange rates. After setting your Sell currency to GBP, you can set your budget of how much GBP you’d like to convert into USDT.

We have a system that checks rates across numerous exchanges, so you can enjoy the best rates without leaving Cabital (and incurring transaction fees for transferring your funds). 

Buying USDT (Tether) With GBP Using Plaid

Alternatively, after downloading the Cabital app, signing up, and verifying your account, you can also buy USDT with British pounds on Cabital with Plaid. Plaid offers you a seamless solution to log in directly to your bank account to execute a payment safely and conveniently without having to leave Cabital. 

Check out this article to find out more about depositing with Cabital using Plaid.

How to Get Started Investing Your USDT

Now that you’ve bought your USDT, it’s time to put your crypto to work! Cabital Earn lets you enjoy high yield on your crypto investments. With no minimum sum required, you’ll be able to try Cabital Earn and gradually increase your investments based on your comfort level. 

Cabital offers you secure storage of your USDT while it’s held by us, with our custodian, Fireblocks, providing an additional layer of insurance that covers assets in storage, transfer and E&O (Errors and Omissions). When we invest your assets to achieve your leading interest rates, our investment team will only consider projects that require over-collateralisation, to ensure that our investment capital is always returned.

Every investment requires meeting the quantitative and qualitative metrics and thresholds established by our investment team, and also requires approval from Cabital’s Risk Committee. The Risk Committee consists of experts from various fields, such as Compliance, Legal, ALM( Asset and Liability Management), Operations, Tech, Finance, and more. 

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This article has been prepared by Cabital Fintech (LT) UAB  (the “Company”) and is general background information about some of the Company’s activities at the date of this presentation.

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