Tether constitutes the first Bitcoinbased fiatpegged cryptocurrencies in existence today. Tether is based on the Bitcoin blockchain, the most secure and welltested blockchain and public ledger in existence. Tethers are fully reserved in a onetoone ratio, completely independent of market forces, pricing, or liquidity constraints. Tether has a simple and reliable Proof of Reserves implementation and undergoes regular professional audits. Our underlying banking relationships, compliance, and legal structure provide a secure foundation for us to be the custodian of reserve assets and issuer of tethers. Our team is composed of experienced and respected entrepreneurs from the Bitcoin ecosystem and beyond.