Tether (cryptocurrency)
Tether (often referred to by its currency codes, USD₮ and USDT, among others) is a cryptocurrency stablecoin, launched by the company Tether Limited Inc. in 2014. As of January 2024, Tether's website lists fourteen protocols and blockchains on which Tether has been minted.
| Denominations | |
|---|---|
| Symbol | ₮ |
| Code | USD₮, EUR₮, CNH₮, XAU₮, MXN₮ |
| Development | |
| White paper | Tether White Paper.pdf |
| Initial release | 2014-10-06 16:39:15 UTC |
| Ledger | |
| Circulating supply | USD₮ 96,036,749,591.54; EUR₮ 36,387,340.03; CNH₮ 20,503,468.90; XAU₮ 246,524.33; MXN₮ 19,562,400.00 (Jan 2024) |
| Valuation | |
| Exchange rate | Pegged to reference fiat currency or gold |
| Website | |
| Website | tether.to |
Tether has been criticized for a lack of transparency and verifiability of its claimed fiat reserves. In 2021, the company was fined by regulators for only maintaining full reserves during 27.6% of the days in the period from 2016 to 2018 as well as for failing to present audits showing sufficient asset reserves.
It is the largest cryptocurrency in terms of trading volume, commanding 64% of the market share among stablecoins and having surpassed Bitcoin in 2019 to become the most traded cryptocurrency in the world. As of January 2024, Tether had over $96 billion in circulation.
Tether Limited is owned by the British Virgin Island-based company iFinex Inc., which also owns the Bitfinex cryptocurrency exchange.