Tether (USDT) is a stablecoin pegged at $1 USD. It is the most widely used stablecoin, with the highest daily and monthly trading volume of any cryptocurrency. While Tether claimed to be backed 1:1 by reserves, a May 2021 report noted that Tether was mostly backed by commercial paper, rather than cash. Tether is managed by Tether Limited, a subsidiary of Tether Holdings Limited. Tether trades on the Omni Layer of the Bitcoin network, as well as on the Ethereum and Tron networks.