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Tether
Fintech
Tether is a cryptocurrency company that issues USDT, the largest and most widely used stablecoin, pegged to the U.S. dollar and central to much of global cryptocurrency trading activity.
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Tether was founded in 2014, launching USDT, one of the earliest and by far the most widely used stablecoin, a type of cryptocurrency specifically designed to maintain a stable value, typically pegged one-to-one to a traditional currency like the U.S. dollar, backed by reserves the issuing company holds, distinguishing stablecoins from more volatile cryptocurrencies like Bitcoin whose prices fluctuate considerably based on market trading activity rather than maintaining a stable peg to any external reference value. USDT has become foundational infrastructure underlying an enormous share of overall global cryptocurrency trading activity, since many cryptocurrency exchanges and trading pairs use USDT as a stable intermediate currency for trading between more volatile cryptocurrencies, letting traders move between different crypto assets without needing to convert back to traditional fiat currency through the banking system for each individual trade, a role that has made USDT one of the most heavily traded and widely held cryptocurrencies globally by trading volume despite Tether itself operating with considerably less public transparency historically than some competing stablecoin issuers, including Circle's USDC. Tether has faced periodic regulatory scrutiny and skepticism regarding the composition and sufficiency of the reserves backing USDT, though the company has published periodic attestations regarding its reserve holdings in response to this ongoing scrutiny, and has continued generating very substantial profits from interest earned on the reserves backing its stablecoin, which are designed to maintain a value of approximately one U.S. dollar and supported by reserves reported by Tether. Tether remains privately held and does not disclose detailed financial information to the same degree as publicly traded competitor Circle.
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