{"id":"tether-usdt","title":"Tether (USDT)","content":"**Tether (USDT)** is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) [stablecoin](https://iq.wiki/wiki/stablecoin) pegged 1:1 to the U.S. dollar launched by then company [Tether](https://iq.wiki/wiki/tether) Limited Inc. in 2014. As of July 2022, [Tether](https://iq.wiki/wiki/tether) Limited has minted the USDT stablecoin on ten protocols and [blockchains](https://iq.wiki/wiki/blockchain). [Tether](https://iq.wiki/wiki/tether) Limited is owned by Hong Kong-based company iFinex, which also own [Bitfinex](https://iq.wiki/wiki/bitfinex).\\[1]\\[2]\\[3] test edit\n\n## Overview (USDT)\n\n​[Tether](https://iq.wiki/wiki/tether) (USDT or USD₮) is a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) designed to maintain a stable value by pegging it to the value of a [fiat currency](https://iq.wiki/wiki/fiat-money), such as the US Dollar. Each USDT token is intended to be equivalent to one US Dollar, providing a stable and predictable value compared to more volatile cryptocurrencies like [Bitcoin](https://iq.wiki/wiki/bitcoin) or [Ethereum](https://iq.wiki/wiki/ethereum).\n\n​[Tether](https://iq.wiki/wiki/tether) was issued on the [Bitcoin](https://iq.wiki/wiki/bitcoin) [blockchain](https://iq.wiki/wiki/blockchain) through the Omni Layer Protocol. Each unit of [Tether](https://iq.wiki/wiki/tether) is said to be backed by actual assets in the [Tether](https://iq.wiki/wiki/tether) Limited reserve and may be redeemed via its platform. The primary objective is to facilitate transactions between [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) exchanges with a rate fixed to the United States dollar allowing traders to take advantage of high-speed arbitrage opportunities without resorting to slow bank wires.\\[6]\n\n​[Tether](https://iq.wiki/wiki/tether) is the first [stablecoin](https://iq.wiki/wiki/stablecoin) to be created and the most popular stablecoin used in the cryptocurrency ecosystem. [Tether](https://iq.wiki/wiki/tether) Limited attaches the value of a coin to the price of fiat currencies such as the US dollar, Euro, and Yen.[\\[1\\]](#cite-id-f3qn5b2mb8r)​\n\nAccording to [Tether](https://iq.wiki/wiki/tether) Limited, the [tether](https://iq.wiki/wiki/tether) is fully reserved i.e. the total number of tethers in circulation is less than or equal to the remaining balance of fiat currency in its reserve. Exchanges have been the primary users of USDT as an alternative to fiat currencies, which minimizes or eliminates the need to maintain external banking relations. Some of the notable exchanges that utilize [Tether](https://iq.wiki/wiki/tether) include [Bitfinex](https://iq.wiki/wiki/bitfinex), [Binance](https://iq.wiki/wiki/binance), [Coinbase](https://iq.wiki/wiki/coinbase), [Kraken](https://iq.wiki/wiki/kraken), [Huobi](https://iq.wiki/wiki/huobi), [Poloniex](https://iq.wiki/wiki/poloniex), Liquid.io, and [OKX](https://iq.wiki/wiki/okx).\\[7]\n\n## Overview (Tether Limited)\n\n## Early Beginnings (2014-2015)\n\n[Tether](https://iq.wiki/wiki/tether), initially known as Realcoin, was founded in July 2014 by [Brock Pierce](https://iq.wiki/wiki/brock-pierce), [Reeve Collins](https://iq.wiki/wiki/reeve-collins), and [Craig Sellars](https://iq.wiki/wiki/craig-sellars). It was later rebranded to USTether and then to USDT in Novem 2014. USDT which was initially built on the [Bitcoin](https://iq.wiki/wiki/bitcoin) blockchain using the Omni platform is now supported on multi-chains including the [Ethereum](https://iq.wiki/wiki/ethereum), [TRON](https://iq.wiki/wiki/trontrade-1), [EOS](https://iq.wiki/wiki/eos), [Algorand](https://iq.wiki/wiki/algorand), [Solana](https://iq.wiki/wiki/solana), OMG Network, [Polkadot](https://iq.wiki/wiki/polkadot), and [Polygon](https://iq.wiki/wiki/polygon) blockchains.\n\n![maxresdefault.png](https://ipfs.everipedia.org/ipfs/QmeEssKoWr9AdJGuh3hkV9aMFvKauKKZRpM4t34e3wDkZ8)\n\n[Tether](https://iq.wiki/wiki/tether) was created as an attempt to solve two major issues with existing cryptocurrencies: high volatility and convertibility between [fiat currencies](https://iq.wiki/wiki/fiat-money) and cryptocurrencies. [Tether](https://iq.wiki/wiki/tether) developed a [cryptocurrency](https://iq.wiki/wiki/cryptocurrency) that is fully backed 1:1 by bank deposits of U.S. dollars to overcome these alleged difficulties. While [Tether](https://iq.wiki/wiki/tether) used the Omni layer to represent USDT tokens on [Bitcoin](https://iq.wiki/wiki/bitcoin), [ERC-20](https://iq.wiki/wiki/erc-20) tokens were used to represent USDT tokens on [Ethereum](https://iq.wiki/wiki/ethereum). While the tokens themselves operated in a decentralized network, Hong Kong-based [Tether](https://iq.wiki/wiki/tether) Ltd was solely responsible for creating and redeeming tokens as well as maintaining the 1:1 deposit backing.\\[9]\n\n## Further Development (2018-2023)\n\nIn November 2018, [Tether](https://iq.wiki/wiki/tether) announced Deltec as its new banking partner to quell rumors about its solvency raised by the associated crypto exchange, [Bitfinex](https://iq.wiki/wiki/bitfinex).\\[10] In March 2019, [Tether](https://iq.wiki/wiki/tether) updated its disclosure statement and stated that its tokens are no longer fully backed by deposits in U.S. dollars. Instead, [Tether](https://iq.wiki/wiki/tether) is now fully backed by reserves, which include conventional currency, cash equivalents, and occasionally other assets and receivables from loans that [Tether](https://iq.wiki/wiki/tether) has given to third parties, including perhaps connected organizations. \\[11]\n\n### Expansion and Diversification\n\nA core aspect of Tether's development has been its multi-chain strategy, making its stablecoins accessible across a wide range of decentralized ecosystems to enhance liquidity and utility. Tether tokens have been deployed on numerous blockchains, including [Algorand](https://iq.wiki/wiki/algorand), [Avalanche](https://iq.wiki/wiki/avalanche), [Celo](https://iq.wiki/wiki/celo), Cosmos, [Ethereum](https://iq.wiki/wiki/ethereum), [EOS](https://iq.wiki/wiki/eos), [Liquid](https://iq.wiki/wiki/liquid) Network, Near, [Polkadot](https://iq.wiki/wiki/polkadot), [Solana](https://iq.wiki/wiki/solana), [Tezos](https://iq.wiki/wiki/tezos), Ton, and [Tron](https://iq.wiki/wiki/tron). [\\[1\\]](#cite-id-f3qn5b2mb8r)\n\nBeyond its flagship USD-pegged token (USD₮), Tether expanded its portfolio to include stablecoins pegged to other fiat currencies and a commodity-backed token. This diversification includes EURt (Euro), CNHt (offshore Chinese Yuan), and XAUt (Tether Gold, backed by physical gold). The company also introduced a new product line called Alloy by Tether. By March 2024, Tether's market capitalization exceeded $100 billion, reflecting its widespread integration into the digital token ecosystem. [\\[1\\]](#cite-id-f3qn5b2mb8r)\n\n#### Latin American Market Entry\n\nIn May 2022, [Tether](https://iq.wiki/wiki/tether) announced the launch of MXNT, a new [stablecoin](https://iq.wiki/wiki/stablecoin) backed by the Mexican peso, signifying its entrance into the Latin American market. This followed earlier launches of its USDT, EURT, and CNHT stablecoins. MXNT was initially made accessible on the [Ethereum](https://iq.wiki/wiki/ethereum), [Polygon](https://iq.wiki/wiki/polygon), and [TRON](https://iq.wiki/wiki/trontrade-1) blockchains.\\[12] According to the firm’s former CTO, [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino), the decision was motivated by the region's rising [Bitcoin](https://iq.wiki/wiki/bitcoin) adoption. A study by Triple A found that 40% of Mexican businesses were interested in implementing cryptocurrencies.\\[12] [Tether](https://iq.wiki/wiki/tether) named Mexico a “prime location” for the next Latin American crypto hub, using the launch of MXNT to test the viability of future fiat-pegged currencies in the region.\n\nIn May 2022, [Tether](https://iq.wiki/wiki/tether)'s price momentarily dropped to 0.99.\\[13]\n\n### Leadership and Operations\n\nIn October 2023, [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino), former chief technology officer for [Tether](https://iq.wiki/wiki/tether), was promoted to the position of CEO for the company. He officially began leading the company in December 2023, succeeding [Jean-Louis van der Velde](https://iq.wiki/wiki/jean-louis-van-der-velde). \\[36]\\[41]\n\nOn December 25, 2023, the [blockchain](https://iq.wiki/wiki/blockchain) tracking platform Whale Alert reported that the [Tether](https://iq.wiki/wiki/tether) Treasury had minted $1 billion of its stablecoin, USDT. CEO [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino) clarified on X that the transaction was an “inventory replenishment” on the [Ethereum](https://iq.wiki/wiki/ethereum) Network, describing it as an \"authorized but not issued transaction... \\[to] be used as inventory for next period issuance requests and chain swaps.\"\\[44] [Tether](https://iq.wiki/wiki/tether) notes that such tokens are stored in its treasury and are not part of the total market capitalization of USDT until they have been issued and released into circulation.\\[45]\n\n### Strategic Initiatives (2024)\n\nIn 2024, [Tether](https://iq.wiki/wiki/tether) launched several strategic collaborations focused on promoting education and awareness of digital assets in emerging markets.\n\n* **Philippines:** In April 2024, [Tether](https://iq.wiki/wiki/tether) collaborated with Coins.ph, a digital asset exchange in the Philippines, to launch a blockchain education initiative. The program aims to enhance financial literacy regarding blockchain, [Bitcoin](https://iq.wiki/wiki/bitcoin), and stablecoins, with a focus on the use of USDT for cross-border payments by Overseas Filipino Workers (OFWs). [\\[1\\]](#cite-id-f3qn5b2mb8r)\n* **Turkey and the Middle East:** Also in April 2024, [Tether](https://iq.wiki/wiki/tether) signed a Memorandum of Understanding (MoU) with Fuze, a digital assets infrastructure provider, to advance educational initiatives in Turkey and the Middle East. The partnership focuses on educating local financial institutions, businesses, and individuals on topics such as cross-border payments, compliance, and the utility of digital assets. [\\[1\\]](#cite-id-f3qn5b2mb8r)\n\n## Integrations\n\nOn May 27, 2022, [Tether](https://iq.wiki/wiki/tether) Operations Limited announced the launch of [Tether](https://iq.wiki/wiki/tether) tokens(USD₮) on [Polygon](https://iq.wiki/wiki/polygon), a leading [blockchain](https://iq.wiki/wiki/blockchain) development platform. The addition of [Tether](https://iq.wiki/wiki/tether) to the [Polygon](https://iq.wiki/wiki/polygon) ecosystem offers a new stablecoin option for more than 8,000 teams building on Polygon.\\[14]\n\nOn June 9, 2022, [Tether](https://iq.wiki/wiki/tether) Operations Limited announced the launch of [Tether](https://iq.wiki/wiki/tether) tokens(USD₮) on [Tezos](https://iq.wiki/wiki/tezos), a pioneering upgradable [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) blockchain. The addition of USD₮ to [Tezos](https://iq.wiki/wiki/tezos) demonstrates its growing momentum as a thriving [Proof-of-Stake](https://iq.wiki/wiki/proof-of-stake) blockchain of choice for brands and projects looking to build the [Web3](https://iq.wiki/wiki/web3) revolution.\\[15]\n\nOn September 12, 2022, [Tether](https://iq.wiki/wiki/tether) launched [Tether](https://iq.wiki/wiki/tether) tokens pegged to the U.S. dollar on the [NEAR Network](https://iq.wiki/wiki/near-protocol), a [smart contract](https://iq.wiki/wiki/smart-contract) blockchain designed to provide the ideal environment for [DApps](https://iq.wiki/wiki/decentralized-application) which is enabled by its unique scaling solution. \\[16]\n\nOn September 23, 2022, [Tether](https://iq.wiki/wiki/tether) announced the launch of [Tether](https://iq.wiki/wiki/tether) tokens(USD₮) on [Polkadot](https://iq.wiki/wiki/polkadot), a decentralized, open-source blockchain platform. The addition of [Tether](https://iq.wiki/wiki/tether) to the [Polkadot](https://iq.wiki/wiki/polkadot) ecosystem is to increase its presence in decentralized ecosystems.\\[17]\n\nOn October 20, 2022, [Tether](https://iq.wiki/wiki/tether) Operations Limited announced SmartPay's launch plans of [tether](https://iq.wiki/wiki/tether) tokens (USD₮) in over 24,000 ATMs across Brazil.\\[18]\n\nOn December 26, 2022, [Tether](https://iq.wiki/wiki/tether) Operations Limited announced the addition of its offshore Chinese Yuan (CNH₮) to the [Tron](https://iq.wiki/wiki/trontrade-1) blockchain. At launch, [Bitfinex](https://iq.wiki/wiki/bitfinex) was the first exchange to enable its users to deposit and withdraw CNH₮ using the [Tron](https://iq.wiki/wiki/trontrade-1) blockchain transport layer from the platform. \\[29]\n\nOn January 9, 2023, Tether announced that Tether Gold (XAU₮) will be listed on ICRYPEX\\[30], one of Turkey’s leading cryptocurrency trading platforms. With this listing, ICRYPEX users can buy and sell XAU₮, a crypto asset that represents ownership of physical gold held in a vault in Switzerland. \\[31]\n\n## Partnerships\n\n### Pear Credit\n\nOn October 28, 2022, Pear Credit — a [peer-to-peer](https://iq.wiki/wiki/peer-to-peer-trading-p2p) credit system that allows issuers to create peer-to-peer credit “tokens” was announced. Pear Credit was founded by [Tether](https://iq.wiki/wiki/tether), Holepunch\\[34], and Synonym. It is a peer-to-peer protocol that gives credit issuers a faster, cheaper, and more scalable token format, without relying on [blockchains](https://iq.wiki/wiki/blockchain) or any global shared-state networks. \\[28]\n\n> “We think Pear Credit represents an easy-to-use, scalable module and flexible solution for all the companies in the world that issue credit; gift cards, rewards tokens, travel miles and stablecoins are all possible.,” said [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino), former CTO of [Tether](https://iq.wiki/wiki/tether).\n\n### Tether x INHOPE\n\nOn January 26, 2023, [Tether](https://iq.wiki/wiki/tether) Operations Limited announced that they will collaborate with INHOPE\\[32], the leading global network combatting online Child Sexual Abuse Material (CSAM). [Tether](https://iq.wiki/wiki/tether) will work with INHOPE\\[32] to share information, facilitate conversations between stakeholders, and take action to drive bad actors out of the [crypto](https://iq.wiki/wiki/cryptocurrency) ecosystem. [Tether](https://iq.wiki/wiki/tether) is the first cryptocurrency to take a stand with INHOPE\\[32] against CSAM. \\[33]\n\n> “Working alongside law enforcement, financial intelligence units, lawmakers and standard-setting bodies worldwide, [Tether](https://iq.wiki/wiki/tether) is committed to being a positive force in the crypto space by highlighting the risks of child exploitation and to help organise sensible risk mitigating controls in the cryptocurrency industry. We are especially interested in improving the ability of cryptocurrency businesses to identify transfers related to online CSAM marketplaces and report them to the authorities.” - said [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino), former CTO at [Tether](https://iq.wiki/wiki/tether).\\[33]\n\n### Tether x Bitkub Exchange x Bitkub Academy\n\nOn December 7, 2023,  [Tether](https://iq.wiki/wiki/tether) announced a collaboration with Thailand's crypto exchange, Bitkub Online Co., Ltd. (Bitkub Exchange). The strategic collaboration is aimed at launching a comprehensive educational program targeting the enhancement of [blockchain](https://iq.wiki/wiki/blockchain) literacy and fostering awareness regarding [stablecoins](https://iq.wiki/wiki/stablecoin), within Thailand. Together, the companies will craft educational courses, conduct awareness campaigns, introduce incentive-based learning programs, and host regular live Q\\&A sessions, aiming to empower Thai speakers with insights into the digital financial landscape. \\[42]\n\n> \"We are excited about working with Bitkub to drive forward the cause of promoting blockchain literacy. With the stablecoin market rapidly expanding in Southeast Asia, it becomes imperative for communities to comprehend the technology and its diverse applications. - [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino), CEO of [Tether](https://iq.wiki/wiki/tether), commented\\[42]\n\n## Regulation\n\nIn April 2019, the New York Attorney General’s office alleged [Bitfinex](https://iq.wiki/wiki/bitfinex), who shares the same parent company as [Tether](https://iq.wiki/wiki/tether) of using [Tether](https://iq.wiki/wiki/tether)'s reserves to cover up for its $850 million in losses connected to the controversial third-party payment processor known as Crypto Capital. Stuart Hoegner, general counsel for [Bitfinex](https://iq.wiki/wiki/bitfinex) and [Tether](https://iq.wiki/wiki/tether), filed an affidavit some days later after the NYAG's lawsuit stating that [Tether](https://iq.wiki/wiki/tether) was only backed by 74% cash and equivalents and the other portion was equity in iFinex.\\[19]\n\nIn May 2019, [Bitfinex](https://iq.wiki/wiki/bitfinex) and former [Tether](https://iq.wiki/wiki/tether) CTO, [Paolo Ardoino](https://iq.wiki/wiki/paolo-ardoino) announced [Bitfinex](https://iq.wiki/wiki/bitfinex) had successfully raised $1 billion in a token sale, which proceeds were used to cover the $850 million in potentially lost funds from Crypto Capital.\\[19]\n\n$$widget0 [YOUTUBE@VID](TREcsZgoE-Q)$$\n\n## Controversy/Litigation\n\nOn September 19, 2022, due to an ongoing lawsuit in New York District Court, [Bitfinex](https://iq.wiki/wiki/bitfinex) and [Tether](https://iq.wiki/wiki/tether) (referred to in court records as B/T), were ordered to produce documents showing the backing of USDT, the outcome of which is still pending. \\[37]\n\nIn October 2023, the *Wall Street Journal* reported that [Tether](https://iq.wiki/wiki/tether) has been increasingly showing up in investigations tied to money laundering, terror financing, and sanctions evasion. The report alleges that [Tether](https://iq.wiki/wiki/tether) appears to have been used in financing Hamas, paying Chinese fentanyl suppliers, funding the North Korean nuclear program, and buying sanctioned Venezuelan oil for sanctioned Russian oligarchs. In response, the company published a blog post denying inadequate customer due diligence and screening practices and describing how they have aided governments with criminal investigations, helping freeze a total of $835 million in assets linked to the theft. \\[40]\n\nOn November 20, 2023, [Tether](https://iq.wiki/wiki/tether) reported that together with [OKX](https://iq.wiki/wiki/okx) it had frozen $225 million worth of its cryptocurrency which had been linked to a human trafficking group in Southeast Asia responsible for a global pig butchering scam. [Tether](https://iq.wiki/wiki/tether) claimed the freeze had been done at the request of the US Secret Service, and that it was its largest-ever freeze of its token. \\[38]\\[39]\n\n## Legal status\n\nAccording to the platform's documentation, [Tether](https://iq.wiki/wiki/tether) is not a legal tender currency or a financial instrument. The ownership of [Tether](https://iq.wiki/wiki/tether) has no contractual rights, other legal claims, or guarantees against losses. [Tether](https://iq.wiki/wiki/tether) Limited is not a bank and is not required to, and does not, hold its reserves at the Federal [Reserve](https://iq.wiki/wiki/reserve). [Tether](https://iq.wiki/wiki/tether) tokens are not legal tender currency and are not covered by deposit insurance.\\[20]\n\n## Tether Governance\n\n[Tether](https://iq.wiki/wiki/tether) Limited is the sole entity capable of altering the circulating supply of USDT tokens. When users deposit fiat money into accounts run by [Tether](https://iq.wiki/wiki/tether) Limited, [Tether](https://iq.wiki/wiki/tether) issues tokens, and when users exchange tokens for deposits of fiat money in [Tether](https://iq.wiki/wiki/tether) banks, [Tether](https://iq.wiki/wiki/tether) destroys tokens. \\[11]\n\n[Tether](https://iq.wiki/wiki/tether) uses a proof-of-reserves approach to demonstrate that reserves are present and the system is financially sound. The system is fully collateralized when the quantity of USDT in circulation equals the amount of money held in accounts managed by [Tether](https://iq.wiki/wiki/tether) Limited. To ensure openness and demonstrate its financial stability, [Tether](https://iq.wiki/wiki/tether) Limited has guaranteed to provide audits of its bank balances on its website.\\[11]\n\n## Other Tether Stablecoins\n\nTether issues a variety of tokens pegged to different assets beyond the U.S. dollar. These include stablecoins backed by fiat currencies and a token backed by gold.\n\n* **[Tether euro (EURT)](https://iq.wiki/wiki/euro-tether-eurt):** A Tether token pegged 1:1 with the Euro.\n* **[Tether yuan (CNHT)](https://iq.wiki/wiki/tether):** A Tether token pegged 1:1 with the offshore Chinese Yuan.\n* **[Tether peso (MXNT)](https://iq.wiki/wiki/tether):** A Tether token pegged 1:1 with the Mexican Peso.\n* **[Tether Gold (XAUt)](https://iq.wiki/wiki/tether-gold-xaut):** A digital token where one token represents ownership of one fine troy ounce of physical gold held in a Switzerland-based vault.\n* **Alloy by Tether:** A platform that allows for the creation of different \"tethered assets\" collateralized by another Tether asset. 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