Tether is a cryptocurrency token claimed by its creators to be backed by one dollar for each token issued. This claim is widely doubted and Tether Limited has not issued a promised audit backing the claim. Tether provides tokenized traditional government backed currencies on the Bitcoin and Ethereum blockchain. Tether was issued on the Bitcoin blockchain through the Omni Layer Protocol. Tether claims that each unit of Tether is backed by one United States dollar held in reserve by Tether Limited, and may be redeemed through the Tether Platform. The primary objective is to facilitate transactions between cryptocurrency exchanges with a rate fixed to the United States dollar allowing traders to take advantage of high speed arbitrage opportunities without resorting to slow bank wires. Tether tokens are issued by Tether Limited. Symbol: USDT. (Source: Wikipedia)