Tether (often referred to by its currency codes, USDT and USDT, among others) is an asset-backed cryptocurrency stablecoin. It was launched by the company Tether Limited Inc. in 2014. Tether Limited is owned by the Hong Kong-based company iFinex Inc. which also owns the Bitfinex cryptocurrency exchange. As of July 2022, Tether Limited has minted the USDT stablecoin on ten protocols and blockchains. Tether is described as a stablecoin because it was initially designed to be valued at USD 1.00. Tether Limited has stated that it maintains $1 of asset reserves for each USDT issued but has been fined by regulators for failing to do this and has failed to present audits showing sufficient asset reserves.