What is USDT?

USDT or United States Dollar Tether is a cryptocurrency token that is said to be tied or “tethered” to the USD or US dollars. Tether company claimed that USDT is of equal value to 1 USD. Tether is grouped to a new type of cryptocurrency called “stablecoins”. Stablecoins are mainly created to bridge the gap between fiat currencies and cryptocurrencies by offering stable price equivalent to a coin or token.