Tether is a cryptocurrency issued by Tether Limited. Every single Tether token is backed by a real American dollar stored in reserve of Tether Limited, which allows to create a truly stable digital currency.
Tether is based on the Bitcoin blockchain and utilizes the Omni Layer Protocol. Its financial stability enables users to enjoy arbitrary transactions without the need to use wire transfers. Tether achieves this by facilitating direct transactions between cryptocurrency trading platforms with the rate fixed to the US dollar.
Tether is the №8 cryptocurrency according to the CMC.