Tether

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.

• Paolo ArdoinoChief Executive Officer
  • https://x.com/paoloardoino
  • https://uk.linkedin.com/in/prdn
• Giancarlo DevasiniChairman
  • https://it.linkedin.com/in/giancarlo-devasini-49163b36
• Simon McWilliamsChief Financial Officer
• Claudia LagorioChief Operating Officer

1. July 2014
   Realcoin Project Announced
   Tether, originally named Realcoin, was announced in July 2014 by co-founders Brock Pierce, Reeve Collins, and Craig Sellars.
2. October 6, 2014
   First USDT Tokens Issued on Bitcoin
   The first Tether tokens were issued on the Bitcoin blockchain using the Omni Layer protocol, establishing the initial stablecoin pegged to the US dollar.
3. November 20, 2014
   Rebranded from Realcoin to Tether
   The project was officially rebranded to Tether, entering private beta with support for multiple fiat-pegged tokens including USDT.
4. 2015
   Integration with Bitfinex Exchange
   Bitfinex became the first major cryptocurrency exchange to support USDT trading, providing initial liquidity and adoption.
5. November 2017
   USDT Theft Incident
   Approximately $31 million in USDT tokens were stolen, leading Tether to implement a hard fork on affected blockchains.
6. September 2020
   USDT Launch on Solana Announced
   Tether announced USDT would be the first stablecoin launched on the Solana blockchain to expand multi-chain support.
7. March 2021
   USDT Live on Solana Blockchain
   USDT became available on Solana, adding to existing support on chains including Ethereum and Tron for broader DeFi and trading use.
8. October 15, 2021
   CFTC Settlement and Fine
   Tether settled CFTC charges for misleading statements about USDT reserves, agreeing to a $41 million civil penalty and cease-and-desist order.

• USD₮
  Dollar-backed stablecoin pegged 1:1 to the US dollar and issued on multiple blockchains.
• XAU₮
  Gold-backed token where each unit represents one fine troy ounce of physical gold.
• USA₮
  Federally regulated US dollar-backed stablecoin designed for the US market.
• tether.wallet
  Self-custodial digital wallet supporting USD₮, USA₮, XAU₮, and Bitcoin with username-based transfers.
• Digital assets tokenisation services
  Services for tokenising digital assets as part of Tether's fintech offerings.

• officialWebsite
• githubGitHub
• twitterX (Twitter)
• officialTransparency
• docsWhitepaper
• docsSupported Protocols

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.