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Trade Tether on a supported exchange.
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First drafts are compiled automatically from public and primary sources, with every claim cited. Anyone can propose edits, and every change is reviewed against primary sources before it goes live.
Updated by Tokenica
Tether is a blockchain-enabled platform launched in 2014 by Tether Limited that issues stablecoins, primarily the USDT token pegged to the U.S. dollar. It enables the digital use and transfer of fiat currencies across blockchains, initially on Bitcoin via the Omni Layer protocol and later on Ethereum and other networks. The project originated as Realcoin, announced in July 2014 by co-founders Brock Pierce, Reeve Collins, and Craig Sellars, and was rebranded to Tether in November 2014. USDT functions as a stable medium of exchange and value transfer tool, commonly used for trading, arbitrage between exchanges, and as collateral in decentralized finance applications.
Updated by Tokenica
Updated by Tokenica
Updated by Tokenica
Updated by Tokenica
Updated by Tokenica
Tether Holdings entities settled CFTC charges in October 2021 by paying a $41 million penalty for misrepresenting that USDT was fully backed by U.S. dollar reserves at all times from at least 2016 through early 2019, when reserves included unsecured receivables and were fully backed on only 27.6% of sampled days (CFTC order). In February 2021, Tether and affiliated Bitfinex entities settled New York Attorney General claims with an $18.5 million payment and agreement to cease New York trading activity after findings of false statements on reserves and use of customer funds to cover losses (NYAG settlement). In November 2017, an external attacker stole approximately $31 million in USDT from Tether's treasury wallet; the issuer stated it would not redeem the tokens (Tether announcement and contemporaneous reporting). USDT has experienced documented temporary depegs, including to approximately $0.90 in October 2018 amid Bitfinex withdrawal delays and reserve concerns, and to $0.95 in May 2022 during broader market stress (multiple exchange and market data reports). Federal authorities have conducted investigations into potential sanctions and anti-money-laundering violations, as reported by the Wall Street Journal in 2024, while Tether has published quarterly reserve attestations rather than full audits and cooperates with law enforcement on fund freezes.