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Tether (often referred to by its currency codes, USD₮ and USDT, among others) is a cryptocurrency stablecoin launched by Tether Limited Inc. in 2014. [ 3 ] [ 4 ] It is pegged to the United States dollar , and is distinct from a central bank digital currency (CBDC).
Jason Citron (born September 21, 1984) is an American businessman [1] who is the co-founder and chief executive officer of Discord, an instant messaging social platform. [2] He is also founder of OpenFeint, a social platform for mobile games. [3] [4]
He later became the chief executive of Tether in 2023. Under Ardoino, Tether's flagship stablecoin, USDT, has grown to become the first and largest United States dollar-backed stablecoin by market capitalization, [4] and Bitfinex is the world's second largest exchange by number of Bitcoin held in its digital wallet. [5]
On March 29, 2021, Visa announced its support for USDC, enabling the cryptocurrency to be used for selling transactions within its payment network. [ 10 ] In July 2022, Circle reported that the circulation of USDC had reached $55 billion.
A transaction statement can only be issued by an entity proving the current ownership of these units. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them. In March 2018, the word cryptocurrency was added to the Merriam-Webster Dictionary. [35]
After the attack, the Poly team asked exchanges and miners to be aware of the flow of stolen tokens and called for the hacker's transactions to be stopped, Tether froze $33 million worth of USDT. In an open letter on Twitter , the Poly team wanted to establish communication with the hackers and urge them to return the stolen tokens.
The company has received over US$135 million in venture capital from 4 rounds of investments from 2013 to 2016, including US$50 million led by Goldman Sachs. [4] [5] [6] In April 2015 The New York Times reporter Nathaniel Popper wrote that the Goldman Sachs investment "should help solidify Bitcoin’s reputation as a technology that serious financial firms can work with."
Terra is a blockchain that leverages fiat-pegged stablecoins to power a payment system. For consensus, the Terra blockchain uses a proof-of-stake codesign. [4] Several stablecoins are built atop the Terra protocol, [4] including TerraUSD, which was the third largest stablecoin by market capitalisation before its collapse in May 2022. [5]