Tether (USDT)
Stablecoin (US dollar)
Tether (USDT) is the largest US-dollar stablecoin, launched in 2014. Each token is meant to be redeemable for one dollar and is backed by reserves held by the issuer, Tether; its value depends on trusting that issuer.
Profile last verified 23 September 2026. Live figures from CoinGecko. Not investment advice.
Tether price chart
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What is Tether?
USDT is issued by Tether and runs on several blockchains, most heavily Tron and Ethereum. Traders use it to move dollars between exchanges quickly and to hold dollar value without leaving crypto.
Tether says its tokens are fully backed, mostly by short-term US Treasury bills, and publishes periodic reserve reports from an accounting firm. In 2021 US regulators fined the company over earlier claims about its reserves.
Key facts
| Ticker | USDT |
|---|---|
| Type | Stablecoin (US dollar) |
| Launched | 2014 |
| Consensus | None of its own: a token issued on other blockchains (Tron, Ethereum and others) |
| Supply | No cap. Tokens are minted when customers deposit dollars and burned on redemption. |
| Official site | tether.to |
What USDT is used for
- Trading pair and settlement asset on exchanges
- Holding dollar value inside crypto, and cross-border transfers
- Collateral in DeFi
Main risks
- Issuer risk: you rely on Tether’s reserves, solvency and honesty
- The issuer can freeze tokens at specific addresses
- Short-lived de-pegs have happened in market stress
- Stablecoin regulation is changing in the US, EU and elsewhere
Related guides
Tether: frequently asked questions
- Is USDT always worth exactly $1?
- It is designed to be, and usually trades within a cent of $1, but it has briefly traded below that during market stress. Its peg depends on Tether honoring redemptions.
- Does holding USDT earn interest?
- Not by itself. Any yield offered on USDT comes from a platform lending it out, which adds that platform’s risk.
- What is the difference between USDT and USDC?
- Both are dollar stablecoins backed by reserves, but they have different issuers (Tether versus Circle), reserve disclosures and regulatory status.