Tether is the company behind USDT, the largest stablecoin and one of the most traded digital assets in the world by volume. USDT maintains a 1:1 peg with the US dollar and circulates across dozens of blockchains including Ethereum, Tron, Solana, Avalanche, and others. As of early 2026, USDT's market capitalization exceeds $130 billion, making it the dominant stablecoin in global crypto markets.
Tether was originally launched in 2014 as Realcoin before rebranding. The company is operated by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange. Tether's leadership includes CEO Paolo Ardoino, who took over the role in 2023, and co-founder Giancarlo Devasini, who serves as CFO.
USDT plays a critical role in the cryptocurrency ecosystem, serving as the primary trading pair on most exchanges globally, particularly in Asian markets. It is heavily used for remittances, as a store of value in countries with volatile fiat currencies, and as settlement currency in over-the-counter trading. Tron is the largest network for USDT transfers by volume, driven by its low transaction fees.
Tether has been the subject of persistent controversy regarding the composition and adequacy of its reserves. In 2021, Tether settled with the New York Attorney General for $18.5 million and agreed to publish quarterly reserve attestations. These reports, produced by BDO Italia, show reserves composed primarily of US Treasury bills, with additional holdings in cash, money market funds, and other investments. Critics continue to call for a full independent audit, which Tether has not provided. Despite the controversy, USDT's market dominance has only grown.
Key Facts
- Launch: 2014 (as Realcoin, rebranded to Tether)
- Stablecoin: USDT, pegged 1:1 to the US dollar
- Top networks: Tron, Ethereum, Solana, Avalanche, Polygon
- Parent company: iFinex Inc. (also owns Bitfinex)
- Reserves: Primarily US Treasury bills, cash, and cash equivalents