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Tether (USDT): the Dollar-Pegged Stablecoin

USDT is a stablecoin issued by Tether that is designed to track the US dollar, and it is the most widely used quote currency in crypto. This page explains how it works, how the networks differ, and how to verify claims about reserves.

Updated： USDT · Tether · what is USDT · USDT to USD · TRC20
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Tether · USDT/USDT

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Market data is read live from a public market API. Informational only, not investment advice.

What USDT is

USDT, usually called Tether, is a stablecoin issued by the company Tether. Its stated design goal is a value of one US dollar, and it achieves that by being redeemable against reserves rather than by floating freely. In practice it trades continuously on exchanges, where its price can drift a fraction above or below a dollar depending on supply, demand and confidence.

Because so much crypto trading is quoted in dollars, USDT became the default unit of account on many venues. A trader who wants to step out of Bitcoin without leaving the exchange usually converts into USDT, which is why its market is one of the busiest in the industry and why its peg is watched so closely.

TRC20 and ERC20: the same token on different networks

USDT is not a single blockchain asset. Tether issues it on several networks, and the version you hold depends on which network you received it through. The two most commonly used are TRC20 on TRON and ERC20 on Ethereum. They are meant to be worth the same amount, but they are not interchangeable at the technical level.

Common USDT networks at a glance
ItemTRC20 (TRON)ERC20 (Ethereum)
NetworkTRONEthereum
Address formatAddresses beginning with TAddresses beginning with 0x
Network fee paid inTRXETH
Typical useFrequent transfers between venuesOn-chain apps and token standards
Sending the wrong network's USDT to a deposit address usually means the funds do not arrive, and recovery may be impossible. Always match the network label shown by the receiving platform.

Why USDT can trade slightly away from one dollar

A peg is a target, not a guarantee. When many holders want dollars at once, or when a venue's fiat channels are strained, USDT can trade below a dollar; when regional demand for dollar exposure is high, it can trade above. These gaps are usually small and short-lived, but they are real, and they are the reason a quoted rate deserves a second look rather than an assumption.

The reserves behind the token are the other half of the story. Tether publishes regular disclosures about what backs USDT, and those documents, not blog posts or social media threads, are the right place to check the claim. Read them critically, note the date, and remember that a stablecoin is not a bank deposit and does not carry deposit insurance.

How to check the USDT rate

Because a rate depends on the pair, the venue and the moment, this site publishes none. The widget on this page loads a live quote, and the official converter shows the rate it will apply before you confirm a conversion. For a question like how much one USDT is in CNY, remember that two things are being mixed: the USDT-to-dollar peg and the dollar-to-CNY exchange rate. Sources that quote a single tidy figure rarely show which of the two they used or when they measured it.

If you are comparing venues, check the fee and the spread as well as the headline rate. A conversion may show no explicit fee while still charging through a wider spread, which is why the official fee schedule and the converter's confirmation screen are the places to look before you commit funds.

Frequently asked questions

Is USDT always worth exactly one dollar?

No. It is designed to track one dollar and normally trades close to it, but market prices move with supply, demand and confidence in the issuer. During stressed periods USDT has traded both slightly above and slightly below a dollar.

How do I know if my USDT is TRC20 or ERC20?

Look at the network label next to the asset in your wallet or on the platform you received it from, and check the address it came from. TRON addresses typically start with T and Ethereum addresses with 0x. The network determines which fee token you need for transfers.

Can I send TRC20 USDT to an ERC20 address?

You should not. Different networks use different address formats and separate ledgers, so sending across them generally means the funds do not arrive at the destination and recovery may be impossible. Match the network to the address the receiving platform gives you.

Where can I verify what backs USDT?

Tether's own published disclosures are the authoritative source, and they are dated, so you can judge how current they are. Social media posts and third-party summaries should be treated as commentary about that material rather than as replacements for it.

How much is one USDT in CNY?

It depends on the USDT-to-dollar rate and on the dollar-to-CNY rate at the moment you convert, so a single fixed figure would be misleading. Use the official converter to see the rate actually applied, and cross-check the currency leg with a reliable exchange-rate source.

Is holding USDT a safe way to park money?

It reduces exposure to crypto price swings but replaces it with issuer, reserve and regulatory risk, and it does not generate any return by itself. Stablecoins are not deposit-insured bank balances, so treat the decision as a risk choice rather than a safe default.

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