USDT or Tether is pegged with USD, so crypto investors use Tether as an hedge when there is uncertainty in the Bitcoin world like the one we have now.
The thing most people don't know is the USDT is issued on the Bitcoin blockchain via the Omni Layer Protocol.
"Omni is a platform for creating and trading custom digital assets and currencies. It is a software layer built on top of the most popular, most audited, most secure blockchain -- Bitcoin. Omni transactions are Bitcoin transactions that enable next-generation features on the Bitcoin Blockchain. Our reference implementation, Omni Core is an enhanced Bitcoin Core that provides all the features of Bitcoin as well as advanced Omni Layer features."
The Tether support had to say this:
Excellent write!