# USDT (Tether)

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**Publisher:** Decentralized Finance Publication

## Definition

The largest stablecoin by market capitalisation, issued by Tether Limited. USDT is pegged 1:1 to the US dollar and backed by a mix of cash, Treasury bills, commercial paper, and other assets. USDT is widely used on centralised exchanges and DeFi protocols, though its reserve transparency has historically faced scrutiny.

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Canonical: https://decentralized-finance.io/glossary/usdt-tether/