What is Tether in simple words

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Tether is a cryptocurrency that uses the bitcoin blockchain to conduct financial transactions and is pegged to fiat currencies such as the US dollar, euro and Japanese yen. For each currency, there is a token identical to its index, but with the "T" suffix: USDT, EURT, JPYT. The tokens are issued by Tether Limited, assuring that each of them is backed by a real reserve in the accounts - one million tokens in circulation are strictly equal to one million units of fiat currency in the company's accounts.
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The Tether cryptocurrency itself is built on the basis of the open source Omni Layer protocol, which interacts with the blockchain and provides the issuance and redemption of bitcoin-based cryptocurrency tokens. Users can transfer the issued tokens, buy any other cryptocurrency for them, or simply store them in any wallet that supports Omni Layer. It is worth noting that tokens are issued only in the amount the equivalent of which was credited to the company's account. Accordingly, the token disappears from circulation in exactly the same way.