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When developing Tether (USDT) in 2015, Tether Limited tried to create a kind of virtual equivalent of fiat money, which would be protected by cryptographic technology. USDT is a crypto asset built on the Bitcoin blockchain using the Omni Layer protocol. Each USDT token is backed by a US dollar held in the reserve fund of the startup Tether Limited. Coins are issued only by the Tether platform. With them, you can carry out trading operations on exchanges, store, transfer, exchange for fiat money. To do this, you can use any wallet that supports Omni Layer. First of all, these tokens were developed in relation to the dollar. Technically, Tether tokens have much in common with conventional cryptocurrencies, given that they are decentralized assets that are stored and processed using blockchain technology. At the same time, it is difficult to classify Tether as a “classic” cryptocurrency, given the almost stable exchange rate and centralized emission, which are more characteristic of fiat money.

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