Tether - is a type of cryptocurrency known as a stablecoin, designed to maintain a stable value by pegging its price to a fiat currency, such as the US dollar, or to other assets like gold or other cryptocurrencies. Tether is issued by the company Tether Limited and operates on various blockchain platforms, including Ethereum, Tron, and Bitcoin's Omni Layer protocol.

The primary purpose of Tether is to provide users with a digital asset that retains a consistent value equivalent to that of the fiat currency it is pegged to. This stability makes Tether attractive for traders and investors who want to hedge against the volatility of other cryptocurrencies or quickly move funds between different exchanges and platforms without relying on traditional banking systems.

Tether tokens are backed by reserves of the corresponding fiat currency held by Tether Limited, although the company has faced scrutiny and controversy regarding the transparency and adequacy of its reserves. Critics have raised concerns about Tether's lack of regular audits and its potential impact on the stability of the broader cryptocurrency market.

Despite these controversies, Tether remains one of the most widely used stablecoins in the cryptocurrency ecosystem, with a significant presence in trading pairs on various cryptocurrency exchanges. Its ability to provide liquidity and stability in the volatile cryptocurrency market has contributed to its widespread adoption and use in various applications, including trading, remittances, and decentralized finance (DeFi) protocols.