Too Long; Didn't Read
Tether (USDT) is a <a href="https://hackernoon.com/tagged/cryptocurrency" target="_blank">cryptocurrency</a> pegged to the US dollar created and managed by Tether, Ltd. This means that for each Tether-the-token that exists on the <a href="https://hackernoon.com/tagged/blockchain" target="_blank">blockchain</a>, there’s also $1 sitting in a bank account owned by <a href="https://tether.to/" target="_blank">Tether-the-organization</a>. The idea is that when US Dollars are deposited into accounts managed by Tether, they issue new USDT tokens. Conversely, if dollars are withdrawn, they burn USDT. As of this writing, there are over 2 billion USDT <a href="https://wallet.tether.to/transparency" target="_blank">in circulation</a>.