Tether, a cryptocurrency token designed to maintain a one-to-one value with fiat currencies like the US dollar by being fully backed by reserves held by Tether Limited. Tether aims to provide a stable digital currency that can be transacted on the Bitcoin blockchain, offering users the benefits of cryptocurrency (like fast, low-cost transfers) without the price volatility. The paper outlines the technology, processes, and advantages of Tether, including its potential applications for exchanges, individuals, and merchants, while also acknowledging implementation weaknesses related to centralized custody. Finally, it touches upon future innovations and discusses the proof of reserves mechanism intended to ensure transparency and maintain the peg.