Tether is a useful crypto whose value roughly mirrors the price of dollar. In this respect it is a “stable coin” (a coin that maintains a stable price).
Of all the stable coins, Tether is the most widely used.
Essentially, and according to their site, Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.
Like other cryptos it uses blockchain. Unlike other cryptos, it is “100% backed by USD” (USD is held in reserve).
Some question exactly how all this is working, but conspiracy theories and doubts aside, Tether is useful as it has a steady value and can be used on many of the world’s major exchanges.
Its like a digital dollar secured by cryptography and not subject to speculation like other cryptos. That makes it rather useful.
In the volatile world of crypto, its nice to have some stability. And that is what makes Tether cool.
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But there is not clarification that is is backed with us dollars or not.