USDT (Tether) is another cryptocurrency, blockchain-based, whose circulated tokens are backed by the U.S. dollars, which makes it termed as a stablecoin with a price pegged to 1.00 USD. Stablecoins are likened to traditional fiat currencies, like dollars, which are held in a corresponding fiat bank account.

Tether is a product of BitFinex, a cryptocurrency exchange platform. As of October 2021, judging by market capitalization, USDT is the fifth-largest cryptocurrency, worth more than $68 billion.

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