Founded in 2014, Tether's mission is to digitize traditional currencies to provide a stable, transparent, and efficient means of transaction within the blockchain ecosystem. Its primary product is the Tether token (USDT), a stablecoin which it states is backed by a diversified portfolio of reserves including cash, cash equivalents, and other assets. Designed to maintain a 1-to-1 peg with the U.S. dollar, Tether aims to bridge the gap between fiat currencies and cryptocurrencies, offering stability and liquidity to traders, exchanges, and payment systems worldwide.