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Is it possible to create a token with properties similar to tether? Specifically, we want to be able to control total number of tokens in circulation by:

  • whenever new tokens are ordered we could add them,
  • if n tokens are sent to a specific wallet to redeem their value (being paid by fiat currency) the tokens are distroyed

If at all possible, how should this be approached?

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    It should be possible. I'd start learning some solidity, perhaps doing the Ethernaut. Then take a look a OpenZeppelin contract to learn how real world contracts work. – Ismael Feb 16 '18 at 21:23
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Have a look at the contracts by OpenZeppelin, more specifically;

These have been well tested, audited and adhere to security best practices. You can create your own token contract, which implements both of these to cover your requirements.

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The problem you will face is automation. You can quite easily get a contract with functions for minting/burning tokens but if you want to automate the process, you need an oracle to get information from outside.

So if you're ok with manually issuing minting/burning commands to the contract, then that's quite easy with the links you were given in different answer.

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