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What is USDT? Tether USD is a stablecoin token deployed on Ethereum followin the ERC20 standard. It is the most widely used and adopted stable crypto asset which claims to 100% backed by their US Dollar reserves. However, Tether has never had a third party accounting audit of their reserves, therefore, many believe their 1 to 1 peg of the US Dollar is not legitimate. Despite concerns of the project's validity, it sees over $18 billion volume every 24 hours.