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Digital assets >
USDT

Tether

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LAST UPDATED:
July 23, 2025

USDT is a stablecoin pegged to fiat currency designed to maintain a stable value, particularly in volatile markets.

Background
Launch

With the original name Realcoin, Tether was founded in July 2014 by Brock Pierce, Craig Sellars, and Reeve Collins. Built upon Mastercoin (Omni), a protocol layer for Bitcoin that introduced the stablecoin concept to the world in 2012, Tether pioneered what is now known as a fiat-collateralized stablecoin model.

How does it work?

Tether tokens are assets that move across the blockchain like other digital currencies but are pegged to fiat money. Tether supports multiple blockchains and on Ethereum USDT tokens are represented as ERC-20 tokens. ERC-20 tokens include a common set of rules that define how a token can be transferred, approved, and requested.*Bullish supports only Ethereum’s ERC20 version of USDT. If you send Bullish any USDT issued on another blockchain network, your USDT will be lost.

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Information on this page includes third party content. Bullish is not responsible for third party content. Content is for informational purposes only and is not investment advice. You should do your own research. Not all digital asset products are available in all locations. Bullish may enter into arrangements with digital asset issuers, sponsors or related parties under which Bullish will receive compensation, such as promotion or trading fees or other incentives, for providing listing, liquidity or other services in relation to a digital asset. Visit bullish.com/trust for more important information.
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