Tether (USDT) is a stablecoin that aims to always maintain a constant price. Tether Ltd developed the cryptocurrency USDT to serve as the internet’s Digital Dollar, with each token having a value of US$1 and being backed by US$1 in physical reserves.

Millions of blockchain users use USDT every day to trade, hedge, and conduct transactions on different blockchain networks without the use of a reliable third-party middleman.

USDT, despite being a well-liked option on cryptocurrency exchanges, has a checkered past because of the company’s alleged involvement in rigging the price of Bitcoin and improper reserve management.

USDT token is backed by assets valued at one US dollar. All USDT can now be issued on any chain that Tether currently supports, despite having been initially issued on the Bitcoin blockchain using the Omni Layer protocol.

Once a USDT has been created, it can be used in the same way as any other coin or token on the chain it was created on. The blockchains of Bitcoin, Ethereum, EOS, Tron, Algorand, and the OMG Network are currently supported by Tether.

Since USDT uses proof-of-reserves, their reserves will always be equal to or more than the total number of USDT in circulation. Their website can be used to confirm this.