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Issued through an Omni Layer Protocol on the bitcoin blockchain, Tether (USDT) is a cryptocurrency designed to act as a digital version of the US dollar, to which its value is pegged.
By creating a token worth the same as the USD, Tether enables traders and exchanges to take advantage of high speed trading opportunities without having to rely on slow wire transfers. Additionally, it allows exchanges to list a token with all the properties of the USD, without having to acquire a number of expensive licences and comply with strict regulation.
Importantly, Tether Limited failed to deliver an audit of their currency reserve, which lead to subpoenas being issued by the US government.