{
  "id": "tether-usdt",
  "name": "Tether (USDT)",
  "term_name": "Tether (USDT)",
  "aka": [
    "Tether",
    "USDt",
    "Tether USD"
  ],
  "definition": "Tether USD (USDT) is a stablecoin: a crypto token built to mirror the US dollar on blockchains such as Ethereum and Solana.",
  "in_short": [
    "The USDT stablecoin is the largest stablecoin, with a market value of about $183 billion and about 61% of the stablecoin market (as of 22 October 2026).",
    "According to BDO's attestation for 30 June 2026, about 75% of Tether's reserves sat in cash and short-term US Treasury bills; the rest was gold, secured loans, bitcoin and other assets.",
    "Tether pegs USDT 1:1 to the US dollar, but on exchanges its price can drift slightly above or below $1.",
    "In the EU you can hold USDT, but licensed EU exchanges do not let you buy it."
  ],
  "reviewed": "2026-10-23",
  "method": "usdt-facts@1",
  "facts": {
    "method": "usdt-facts@1",
    "fetched_at": "2026-10-24T14:09:44.243Z",
    "stale": "false",
    "price": {
      "source": "Binance spot USDTUSD",
      "fetched_at": "2026-10-24T15:00:36.245Z",
      "last_raw": "0.99881000",
      "last": "0.99881 USD",
      "change_24h_pct": "-0.007%",
      "high_24h": "0.99906 USD",
      "low_24h": "0.99868 USD",
      "volume_24h_usd": "15,172,500 USD"
    },
    "chart": {
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      "days": "340",
      "low_close": "0.99790 USD",
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      "days_within_half_cent": "340",
      "reference_line": "1.00000 USD",
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          "date": "2026-08-19",
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        {
          "date": "2026-08-20",
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          "date": "2026-09-04",
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          "date": "2026-09-05",
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          "date": "2026-09-06",
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          "date": "2026-09-08",
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          "date": "2026-09-10",
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        {
          "date": "2026-09-11",
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        {
          "date": "2026-09-12",
          "close": "0.99979",
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        },
        {
          "date": "2026-09-13",
          "close": "0.99951",
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        },
        {
          "date": "2026-09-14",
          "close": "0.99956",
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          "low": "0.99881"
        },
        {
          "date": "2026-09-15",
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        {
          "date": "2026-09-16",
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        {
          "date": "2026-09-17",
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          "date": "2026-09-18",
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          "date": "2026-09-19",
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          "date": "2026-09-20",
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        },
        {
          "date": "2026-09-21",
          "close": "0.99937",
          "high": "0.99982",
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        },
        {
          "date": "2026-09-22",
          "close": "0.99948",
          "high": "0.99967",
          "low": "0.99908"
        },
        {
          "date": "2026-09-23",
          "close": "0.99970",
          "high": "0.99990",
          "low": "0.99900"
        },
        {
          "date": "2026-09-24",
          "close": "0.99962",
          "high": "0.99979",
          "low": "0.99917"
        },
        {
          "date": "2026-09-25",
          "close": "0.99975",
          "high": "0.99979",
          "low": "0.99900"
        },
        {
          "date": "2026-09-26",
          "close": "0.99928",
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        },
        {
          "date": "2026-09-27",
          "close": "0.99958",
          "high": "0.99960",
          "low": "0.99916"
        },
        {
          "date": "2026-09-28",
          "close": "0.99947",
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        },
        {
          "date": "2026-09-29",
          "close": "0.99957",
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        },
        {
          "date": "2026-09-30",
          "close": "0.99936",
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        },
        {
          "date": "2026-10-01",
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        },
        {
          "date": "2026-10-02",
          "close": "0.99982",
          "high": "0.99998",
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        },
        {
          "date": "2026-10-03",
          "close": "0.99987",
          "high": "0.99997",
          "low": "0.99926"
        },
        {
          "date": "2026-10-04",
          "close": "0.99972",
          "high": "0.99991",
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        },
        {
          "date": "2026-10-05",
          "close": "0.99977",
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        },
        {
          "date": "2026-10-06",
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          "high": "0.99995",
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        {
          "date": "2026-10-07",
          "close": "0.99968",
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        {
          "date": "2026-10-08",
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          "date": "2026-10-09",
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          "date": "2026-10-10",
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        },
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          "date": "2026-10-11",
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          "date": "2026-10-12",
          "close": "0.99879",
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          "date": "2026-10-13",
          "close": "0.99910",
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          "date": "2026-10-14",
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          "date": "2026-10-16",
          "close": "0.99892",
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        {
          "date": "2026-10-17",
          "close": "0.99876",
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        {
          "date": "2026-10-18",
          "close": "0.99876",
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          "date": "2026-10-19",
          "close": "0.99887",
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          "date": "2026-10-20",
          "close": "0.99898",
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          "low": "0.99666"
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        {
          "date": "2026-10-21",
          "close": "0.99885",
          "high": "0.99900",
          "low": "0.99750"
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          "date": "2026-10-22",
          "close": "0.99897",
          "high": "0.99900",
          "low": "0.99851"
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          "date": "2026-10-23",
          "close": "0.99887",
          "high": "0.99906",
          "low": "0.99821"
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      ]
    },
    "vintage": {
      "ticker_sha256": "aa3230931bdbffb77f945037833b506e75e56c9ff9f1455bb50156cfd649fc15",
      "klines_sha256": "e5536fcea16347f01e3ed8d9da9602e775ba61cad3de84b12461da1e97c9e9ac"
    }
  },
  "csv_url": "https://mortymer.ai/learn/tether-usdt.csv",
  "sections": [
    {
      "id": "worth-a-dollar",
      "heading": "Is USDT always worth $1?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "Most days USDT trades within a fraction of a cent of $1. From 2025-11-18 to 2026-10-23, its daily close on Binance ranged from 0.99790 USD to 1.00090 USD. Each exchange has its own trades, so the price on one exchange rarely matches another exactly."
        },
        {
          "type": "chart",
          "caption": "USDT/USD daily close on Binance, 2025-11-18 to 2026-10-23. The flat line marks 1.00000 USD. Updated 2026-10-24 14:09 UTC.",
          "legend": [
            "Daily close",
            "1 USD"
          ]
        }
      ]
    },
    {
      "id": "same-as-usd",
      "heading": "Is USDT the same as USD?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "No. A US dollar is issued by the US government. USDT is a token issued by Tether Operations Limited, a private company headquartered in El Salvador."
        },
        {
          "type": "paragraph",
          "text": "Holding USDT means you trust Tether to keep enough reserves and to honor redemptions. It is not a bank deposit, so no deposit guarantee covers it. Tether can also freeze your tokens and, if law enforcement or a court requires it, destroy them. In 2026 Tether said it had frozen nearly $550 million of USDT linked to Iran, and in March 2025 it froze about $27 million held by Garantex, a sanctioned Russian exchange."
        },
        {
          "type": "heading",
          "id": "can-i-convert-usdt-to-dollars-1-1",
          "text": "Can I convert USDT to dollars 1:1?"
        },
        {
          "type": "paragraph",
          "text": "Almost. Most people swap USDT for dollars on a crypto exchange or OTC desk, which usually charges a fee."
        },
        {
          "type": "paragraph",
          "text": "Verified Tether customers can also redeem USDT for dollars directly through Tether's website, with a minimum of $100,000 per redemption. Tether charges a one-time verification fee (150 USDT), plus a fee on each redemption."
        }
      ]
    },
    {
      "id": "peg",
      "heading": "How does USDT keep its peg to the dollar?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "Tether creates 1 USDT token when a customer deposits a dollar, and burns it when the customer redeems it. Tether promises that one USDT can be swapped for one US dollar, and backs that promise with reserves, mostly short-term US Treasury bills."
        },
        {
          "type": "paragraph",
          "text": "If USDT trades below $1 on exchanges, large traders can buy it cheaply and redeem it with Tether for $1. That buying pushes the price back toward $1."
        },
        {
          "type": "heading",
          "id": "what-backs-usdt",
          "text": "What backs USDT?"
        },
        {
          "type": "paragraph",
          "text": "On 30 June 2026, Tether reported $187.75 billion of assets against $183.64 billion of liabilities, a buffer of about $4.1 billion. About 75% was cash and short-term deposits, mostly US Treasury bills. Gold was 10%, secured loans 7% and bitcoin 3%."
        },
        {
          "type": "paragraph",
          "text": "Treasury bills are among the easiest assets in the world to sell. Gold, secured loans and bitcoin, about a fifth of the reserves on 30 June 2026, could take longer to sell in a crisis, and gold and bitcoin can fall in price."
        },
        {
          "type": "paragraph",
          "text": "These figures come from a quarterly attestation by the accounting firm BDO. An attestation checks the reserves on one day. It is not a full audit of Tether's accounts."
        }
      ]
    },
    {
      "id": "interest",
      "heading": "Does Tether pay interest?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "No, USDT pays you no interest. Tether keeps the income from the reserves: about $1.5 billion of net operating profit in the second quarter of 2026 alone."
        }
      ]
    },
    {
      "id": "depeg",
      "heading": "Has USDT ever lost its peg?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "Yes. Tether (USDT) has lost its $1 peg several times, usually for hours or days before recovering. In October 2018 USDT fell to about $0.85 on Kraken as traders questioned its reserves."
        },
        {
          "type": "paragraph",
          "text": "On 12 May 2022, during the TerraUSD collapse, USDT traded down to about $0.95. Tether said it redeemed more than $300 million in 24 hours at $1, and the price was back near $1 the same day."
        }
      ]
    },
    {
      "id": "safe",
      "heading": "Is USDT safe?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "The USDT stablecoin has stayed close to $1 for most of its history, but it carries risks a bank deposit does not. You rely on Tether to keep enough reserves, on gold and bitcoin in those reserves to hold their value, and on Tether not freezing your tokens."
        },
        {
          "type": "paragraph",
          "text": "Tether's reserves are checked once a quarter by an attestation, not a full audit. On 30 June 2026 they exceeded its liabilities by about $4.1 billion, half the buffer it reported three months earlier."
        }
      ]
    },
    {
      "id": "europe",
      "heading": "Can I still buy USDT in Europe?",
      "blocks": [
        {
          "type": "paragraph",
          "text": "You can hold USDT in the European Union, but licensed EU exchanges delisted it because Tether has no authorization under MiCA, the EU's crypto rules."
        },
        {
          "type": "heading",
          "id": "is-it-illegal-to-hold-usdt-in-europe",
          "text": "Is it illegal to hold USDT in Europe?"
        },
        {
          "type": "paragraph",
          "text": "No. MiCA regulates crypto platforms, not the people who use them. Token custody and transfers of USDT are still possible for European customers. There are MiCA-authorized stablecoins, such as USDC and EURC, issued by Circle."
        },
        {
          "type": "paragraph",
          "text": "USDT follows the dollar, not the euro. For an EU holder, its value in euros rises and falls with the EUR/USD exchange rate."
        }
      ]
    }
  ],
  "links": [],
  "canonical_url": "https://mortymer.ai/learn/tether-usdt",
  "disclosure_url": "https://mortymer.ai/disclosures",
  "notice": {
    "title": "Not financial advice or a recommendation.",
    "body": "AI-generated and may be incorrect."
  }
}