Tether (often called by its symbol USDT) is a stablecoin cryptocurrency that is hosted on the Ethereum and Bitcoin blockchains, among others.
Its tokens are issued by the Hong Kong company Tether Limited, which in turn is controlled by the owners of Bitfinex.
Tether is called a stablecoin because it was originally designed to always be worth US$1.00, maintaining $1.00 in reserves for each tether issued.While, according to its 2021 settlement with the New York Attorney General Letitia James, "Tether represents to users that any holder of tethers can redeem them from Tether the company at the rate of one tether for one U.S.
dollar", Tether Limited as of 2017 stated that owners of tethers have no contractual right, other legal claims, or guarantee that tethers will or can be redeemed or exchanged for dollars.
On 30 April 2019, Tether Limited's lawyer claimed that each tether was backed by $0.74 in cash and cash equivalents. [+]

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