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Tether is a blockchain-based cryptocurrency whose cryptocoins in circulation are backed by an equivalent amount of traditional fiat currencies, like the dollar, the euro or the Japanese yen, which are held in a designated bank account. Tether tokens, the native tokens of the Tether network, trade under the USDT symbol.
Tether is cryptocurrency that allows users to make use of digital currency in the same way they use fiat currency. Tether enjoys the same value that legacy currency has, as a store of value, a medium of exchange, and is considered as a means of investment.
The value of Tether is affixed depending on the local currency within which it is exchanged. Therefore, tethers are used as a store of value in US Dollars, Euros or the Japanese Yen, with more currency units coming soon.
Tether is built in the Bitcoin ecosystem. This means it is one of the most secure open source blockchain technology you will come across. To safeguard the interests of users, Tether is also fully compliant with legislation and regulations in the jurisdictions where it is available. Users must also go through the KYC and AML procedure before they redeem or issue tethers.