Tether is the most popular and liquid stablecoin in the cryptocurrency ecosystem and since June 2020 it is the third largest cryptocurrency in the market after bitcoin and ethereum. Tether is issued by a private company based in Hong Kong, whose owners also own the Bitfinex exchange. Tether is pegged to the US dollar, for a stable value of $ 1.00. Tether guarantees the price of the token because for each cryptocurrency minted, $ 1.00 is put into its reserves. Despite being a centralized cryptocurrency, Tether is contributing to the development of the DeFi industry through partnerships and projects.