Tether Holdings Limited, the issuing company of the USDT stablecoin, has surpassed one of the Wall Street giants, Goldman Sachs, in profits in the last quarter of 2023.
A stablecoin is a digital currency backed by a reserve asset, which can be fiat money (currency in circulation), precious metals (gold, silver or oil), or simply protected by an algorithm, with the intention of keeping its price stable.
Tether is a stablecoin. This type of cryptocurrency actively works to keep its valuation stable through market mechanisms.