Tether (often referred to by one of its currency codes, USD₮), is an asset-backed cryptocurrency stablecoin. It was launched by the company Tether Limited Inc. in 2014.Tether Limited is owned by the Hong Kong-based company iFinex Inc., which also owns the Bitfinex cryptocurrency exchange. As of July 2022, Tether Limited has minted the USDT stablecoin on ten protocols and blockchains. Tether is described as a stablecoin because it was originally designed to be valued at USD $1.00, with Tether Limited maintaining USD $1.00 of asset reserves for each USDT issued.
