Tether (USDT) : cours, graphique et analyse

Tether launched in 2014 and is now the most-transacted asset in crypto by a wide margin. Most trading pairs on most venues are quoted against USDT rather than against dollars, which makes it less an investment than the plumbing the rest of the market runs on.

How it works

USDT is a claim on Tether Limited, not a bearer asset. The company issues tokens when authorised parties deposit funds and redeems them the other way, and the peg holds because that redemption channel exists and is used. The token itself is issued natively on many chains — Ethereum and TRON carry the bulk of the volume — and the same dollar can only exist on one of them at a time, which is why sending USDT over the wrong network is a common and expensive mistake.

Supply

There is no cap and no schedule. Supply expands and contracts with issuance and redemption, so the outstanding amount is a demand signal rather than a monetary policy. Tether publishes quarterly attestations of its reserves, which report holdings dominated by US Treasury bills alongside smaller allocations to other assets. An attestation is not a full audit, and the difference matters: it confirms a balance at a point in time rather than examining the controls behind it.

What to watch

Reserve composition and the frequency of disclosure are the substance here. Beyond that, watch redemption in practice rather than in principle — a peg is only as good as the ability of large holders to convert at par — and watch the regulatory frameworks being written specifically for stablecoin issuers, which could change what Tether may hold or who may redeem.

Where it is used

USDT is the default quote currency across most exchanges, the main vehicle for moving value between venues, and in several countries with unstable local currencies it circulates as a de facto dollar account. That last use is the part least visible from a trading screen and arguably the most consequential.

The risks are worth stating plainly. Holding USDT is exposure to one company’s balance sheet, with no deposit insurance and no central bank behind it. The token has briefly traded below a dollar during periods of stress, and while it has recovered each time, the pattern shows the peg is a market outcome rather than a guarantee. Yields advertised on USDT deposits are compensation for risk somewhere in the chain, usually at whichever platform is paying them.