Tether (USDT) is the first widely accepted stablecoin linked to the dollar. This means that, in theory, this cryptocurrency will always keep the value of $1 dollars. On Tether's website, they claim that USDT is 100% backed by reserves of the same value. The fact that Tether's reserves with the US dollar would always remain 1:1 ensures that its rate always remains the same with the dollar. This is done by exchanging dollars at Tether to release more Tether.
Tether is stable coin with the highest market capitalization
Tether is used on almost all exchanges
One Tether should always be around the $1 mark.
Tether (ERC-20) statistics from the last 24 hours
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During the collapse of the algorithmic stablecoin TerraUSD other stablecoins briefly lost their peg with the dollar. Investors sold almost 10 billion dollars worth of Tether in a few days. This caused the tether to drop to $0.9485. In the weeks following this event Tether showed it’s resilience and the processes behind it ensured that the stablecoin regained it’s pegging with the dollar.
The company behind Tether claims that every Tether is backed by collateral worth exactly 1 dollar. The value of their reserves is audited every quarter by an independent accountancy firm like BDO or Moore.