Tether is a hybrid crypto-fiat “stablecoin” whose value is pegged to the value of the U.S. dollar and other fiat currencies. It is a cryptocurrency asset issued by Tether Limited. It was originally designed to always be worth $1.00, maintaining $1.00 in reserves for each tether issued.
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Tether is fiat-collateralized stablecoin that offers individuals the advantages of transacting with blockchain-based assets while mitigating price risk. Tether is primarily issued on the Ethereum and Bitcoin blockchains and corresponds on a 1:1 basis with US Dollars sitting in bank accounts. Founded in July 2014 by Brock Pierce, Craig Sellars, and Reeve Collins, Tether (USDT), originally known as "Realcoin". Tether was one of the earliest stablecoins created, built upon Mastercoin (Omni), which was a protocol layer for Bitcoin that introduced the stablecoin concept to the world in 2012. Tether pioneered what is now known as a fiat-collateralized stablecoin model, and is now the most widely used stablecoin today.