Is USDT safe?

Tether (USDT) is a blockchain-based cryptocurrency whose tokens in circulation are backed by an equivalent amount of U.S. dollars , making it a stablecoin with a price pegged to USD $1.00.

Depositing USDT on Kraken is as easy as transferring it to any cryptocurrency address. If instead you want to sell USDT for cash (like USD or EUR), you’ll need to send us identification and proof-of-residence documents .

Tether (USDT) is the most valuable stabelcoin in the world, sporting a market capitalization of $69 billion, more than double the value of USD Coin (USDC), the next largest coin. In order to assure buyers that it is trustworthy , Tether claimed it had cash reserves equal in value to the stablecoins it issued.