Creation and team behind USDT
Tether is controlled by Tether Holding Limited or known as Tether Limited. The CEO is JL Van Der Velde, the CFO is Giancarlo Devasini and the General Counsel is Suart Hoegner.
Tether was launched by the team that runs Bitfinex, a major crypto-currency exchange
Launched in 2014, Tether tokens (USD₮) pioneered the stablecoin model and are the most widely traded. Tether tokens offer the stability and simplicity of fiat currencies combined with the innovative nature of blockchain technology, representing a perfect combination of both worlds.

Multiple blockchains and Fiat quotes for easy adoption.
Support for multiple blockchains
Tether tokens are built on multiple blockchains, making integration and adoption easy. Supported blockchains include Algorand, Avalanche, Bitcoin, Ethereum, EOS, Kava, Polka, Polygon, Solana, TRON and Tezos. Tether tokens are among the most traded tokens in terms of daily volume, offering unrivalled liquidity. Widespread adoption
Whether for exchange-to-exchange, digital wallet applications, decentralised finance protocols (DeFi) or payment services, Tether tokens offer a smart alternative to fiat gateways. Available in different currencies
Tether supports the US dollar (USD), euro (EUR), Mexican peso (MXN) and offshore Chinese yuan (CNH). Represented by ₮, Tether tokens are denoted by USD₮, EUR₮, MXN₮, CNH₮. Regulatory Compliant. Tether maintains world-class standardised compliance measures for anti-money laundering (AML), counter-terrorist financing (CFT), sanctions and know-your-customer (KYC) laws and regulations.
Tether is a stablecoin indexed to the US dollar. A stablecoin is a type of crypto-currency whose value is pegged to another fiat currency such as the US dollar or to a commodity such as gold.
Tether was the first stablecoin to be created and is the most popular stablecoin used in the ecosystem. It has the largest stablecoins in terms of circulation and market capitalisation. Tether was originally based on the Omni Layer, a transport protocol on the Bitcoin blockchain. As a result, the original version of tether was characterised by the stability and security inherent in the oldest blockchain network.
To accelerate adoption, in September 2017, Tether was launched on the Ethereum blockchain as the ERC20 token. Tether's Ethereum ERC-20 is now the most popular type of Tether token.

How does Tether maintain a 1:1 peg to the USD?$
The USDT peg is maintained via a 1:1 collateral ratio. Tether Limited claims that every USDT in circulation is backed 100% by real fiat currency in its reserves.
Audits have shown that only 70% of its reserves are backed by the dollar, with the remainder held in gold or US treasury bills.
Tether has published its balances on its Transparency page. Tether Limited acts as a third party custodian for fiat currencies backing the USDT.
To understand how Tether is controlled by Tether Limited, take a look at the fund flow process below
Step 1: The user deposits fiat currency into Tether Limited's bank account.
Step 2: Tether Limited generates and credits the user's Tether account. Tether enters circulation. The amount of fiat currency deposited by the user must equal the amount of Tether issued to the user (for example: 500 USD deposited = 500 USDT issued).
Step 3: The user carries out transactions with USDT. The user can transfer, exchange and store USDT.
Step 4: User deposits USDT with Tether Limited to redeem in fiat currency.
Step 5: Tether Limited destroys the Tether and sends cash to the user's bank account.
Users can also obtain Tether outside of the above process via an exchange platform or another person.
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