Anatomy of a USDT

This article examines the structural mechanics of Tether's USDT stablecoin, explaining its ledger-based accounts, smart contracts across multiple blockchains, and reserve backing. It outlines the processes for minting and burning tokens, the mechanism of maintaining its dollar peg, and Tether's ability to freeze funds. Additionally, it highlights regulatory pressures including pending U.S. stablecoin laws and Tether's separate U.S. offering. Open article →