Tether (USDT) is a form of cryptocurrency known as a stablecoin, designed to maintain a stable market value relative to a specific asset, in Tether's case, the US dollar. Introduced in 2014, Tether aims to combine the unrestricted nature of cryptocurrencies—which can be sent between users without a trusted third-party intermediary—with the stable value of the US dollar. It's issued by Tether Limited and claims that each USDT token is backed one-to-one by traditional fiat currencies held in reserves, such as dollars, euros, and yen.