Tether (cryptocurrency)
US dollar cryptocurrency / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Tether (cryptocurrency)?
Summarize this article for a 10 year old
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.[3] Though it has never been audited to international accounting standards, as of May 1, 2024, Tether says it has excess reserves of $6.3 billion after reporting $4.52 billion of profit in the first quarter of 2024.[4] The stablecoin operator also has net equity of $11.37bn and over $90bn in US Treasury holdings, and its overall market capitalization is over $110 billion.[5]
![]() | |
Denominations | |
---|---|
Symbol | ₮ |
Code | USD₮, EUR₮, CNH₮, XAU₮, MXN₮[1] |
Development | |
White paper | Tether White Paper.pdf |
Initial release | 2014-10-06 16:39:15 UTC[2] |
Valuation | |
Exchange rate | Pegged to reference fiat currency or gold |
Website | |
Website | tether.to |
Tether had been criticized for a lack of transparency and verifiability of its claimed fiat reserves.[6] 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[7] as well as for failing to present audits showing sufficient asset reserves.[8][9][10]
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.[11][12][13] As of March 2024, Tether had over $100 billion in circulation, leading to concerns about it being a systemic risk for cryptocurrency markets and threatening the stability of wider financial markets.[14][15][16]
Tether Limited is owned by the British Virgin Islands–based company iFinex Inc., which also owns the Bitfinex cryptocurrency exchange.[17] As of January 2024, Tether's website lists fourteen protocols and blockchains on which Tether has been minted.[1]
Tether has been criticised for facilitation of money laundering, sanctions evasion and financing of criminal groups.[18]