What Tether says
Tether says each token matches one unit of ordinary currency, and that its reserves cover every token. Its example is that 1 USD₮ equals 1 US dollar. It says it publishes the reserves. No report file was found on the page.
It issues a new token only when a customer who has passed its identity checks asks for one and pays. The footer names Tether Operations, S.A. de C.V. The page states a market value of more than US$100 billion as of Mar 2024. That date is the page's, not the price on the next card.
US regulators fined Tether $41 million in Oct 2021 for untrue statements about how closely it was linked to the dollar. How fully a stablecoin holds reserves varies in practice. Tether's reserve claim is its own. It is not a finding by the FCA.
- Source: How Tether tokens work, Tether · read 26 Oct 2026
- Source: Crypto: The basics, Financial Conduct Authority (first published 17 Feb 2023) · read 26 Oct 2026
Technical detail
The identity check is the page's KYC procedure.