Tether is a stablecoin cryptocurrency pegged to the USD. It is currently the largest stablecoin with a supply of over 62 billion USDT in circulation, and is widely used as a trading pair on various exchanges. A stablecoin is appealing because it allows users to settle their cryptocurrency positions into a stable cryptocurrency on an exchange instead of converting it to fiat currency.

There is a lot of controversy surrounding Tether stablecoin as evidence suggests that USDT is not fully backed 1:1 with the US Dollar as stated by the original design. In May 2021, Tether published a report showing the 2.9% of Tether was backed by cash and over 65% is backed by commercial paper. Another controversy to add to the coin is the company's alleged role in manipulating the price of bitcoin, as in 2019, the trading volume of Tether surpassed those of Bitcoin with the highest daily and monthly trading volume of any cryptocurrency on the market.

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