USD Tether (USDT) is a stablecoin anchored to the value of the US dollar. It was created in 2014 and originally issued on the Omni layer on top of the Bitcoin blockchain.
According to the company, every USDT is always fully backed by its reserves, which include traditional currency, cash equivalents and may also include other assets and receivables from loans made by Tether to third parties (including affiliated entities).
Tether's offering targets blockchain firms, individuals & traders, and exchanges. USDT trades on most large cryptocurrency exchanges and has allowed traders to easily arbitrage prices across trading venues globally.
Owing to its large market cap (more than $8 billion), its support has been extended to multiple networks. As of February 2020, USDT runs on six different networks: Ethereum, Omni, Tron, EOS, Liquid, and Algorand.