What is Tether (USDT)?

Tether (USDT) is the world's largest stablecoin by total market capitalization and is pegged at a 1:1 ratio to the U.S. dollar. Tether's USDT stablecoin is owned and operated by Tether Limited, which is the parent company of the centralized cryptocurrency exchange Bitfinex. Apart from USDT, Tether Limited also offers customers a gold-backed stablecoin called Tether Gold (XAUT) which mimics the current price of gold using a 1:1 ratio. As of September 2021, the USDT stablecoin had a market capitalization of approximately $65.5 billion USD and a circulating supply of 65.5 billion USDT tokens.