Tether (USDT) was originally launched on October 6, 2014 as Realcoin and released by Brock Pierce, Reeve Collins, and Craig Sellars (members of the Omni Foundation). They built Tether on the Omni protocol, which allowed users to create and trade real estate and currencies based on smart contracts on the Bitcoin blockchain. On November 20, 2014, Tether's CEO, Reeve Collins, announced the name change of their token from Realcoin to Tether (USDT).
Tether (USDT) is also known as "stablecoin". It is a cryptocurrency that is designed to always offer a stable price. The USDT cryptocurrency was created by Tether Limited to act as something of an internet-based, digital dollar. Each token is worth $1 and is backed by $1 in physical reserve. Millions of users use this token every day to trade, hedge and transact on various blockchain networks without the need for a trusted third-party intermediary. But even though this cryptocurrency is a popular choice in the crypto market, Tether has a controversial past, due to its alleged interference and manipulation of the price of Bitcoin and illegal management of its reserves.