Tether (USDT), initially launched as “Realcoin” in July 2014 by founders Brock Pierce and Reeve Collins. JL van der Velde is currently CEO of Tether as well as being CEO of Bitfinex, currently the world’s largest bitcoin exchange.

Tether's primary advantage is to take is to provide high-speed arbitrage opportunities without resorting to slow bank wires or cryptocurrency asset settlements which may lag – in other words, Tether provides a pivotal source of liquidity for cryptocurrency markets.
Tether is reported backed one-to-one by traditional currencies ($, €, ¥) held in reserves with $1 equivalent to 1 Tether (USDT) which could provide protection against cryptocurrency price volatility. Speculation in the market currently centres on whether Tether has the reserves to back the available Tethers in the market (2.51Billion). In November 2017 about $31 billion of USDTs were stolen from Tether, causing Tether to suspend trading and rolling out new software to implement a hard fork to render those tokens untradeable.

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