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Tether (USDT) is a blockchain-based cryptocurrency whose coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the dollar, the euro, or the Japanese yen, which are held in a designated bank account. Tether tokens, the native tokens of the Tether network, are traded under the USDT symbol. Tether belongs to a new breed of cryptocurrencies called stablecoins, which aim to keep cryptocurrency valuations stable, as opposed to the wide swings observed in the prices of other popular cryptocurrencies like Bitcoin and Ethereum. Tether specifically is tethered or anchored to the price of national currencies, and hence allows users to store and transfer value in a currency they are familiar with, endowed with the properties of cryptocurrency.
