// definition
USDT
Tether
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Short definition
The largest stablecoin in circulation, meant to be worth one dollar. Issued by Tether, often at the centre of debates over reserve transparency.
risk atlas
Knowledge map
Intuition
USDT concentrates the most systemic stablecoin risk: size, liquidity, trust in the reserve and offshore uses.
Why it matters now
Its role in crypto payments and sanctions evasion makes it an indicator of dollar opacity, not just a trading token.
Related analyses
- USDT on Tron and OFAC evasionStablecoins, sanctions and geopolitical payments.
Related guides
- Stablecoins and the GENIUS ActReserves, licensed issuers, audits and supervision.
- Reading on-chain dataAddresses, reserves, flows and the limits of interpretation.
Related datasets
- catalog.jsonMachine-readable catalogue of l0g surfaces.
- claims.jsonClassified claims with their evidence level.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
Signals using it
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Congress.gov & GovInfoLegislative texts, including the GENIUS Act and US crypto policy.
- U.S. Treasury Fiscal DataT-bills and short debt serving as stablecoin reserves.
- SEC EDGARDisclosures of listed issuers and crypto-exposed companies.
- Federal Reserve & FREDShort rates, dollar liquidity and risk-free assets.