This audiobook is narrated by a digital voice.

In the volatile and often chaotic world of cryptocurrency trading circa 2014, where Bitcoin prices could swing by hundreds of dollars in a single day and altcoins could lose half their value overnight, a small team of entrepreneurs in Hong Kong was developing a solution that would fundamentally change how digital assets were traded, stored, and used in commerce. Their creation, originally called Realcoin before being renamed Tether, promised something that had eluded the cryptocurrency world since Bitcoin's inception: a digital token that would maintain stable value relative to traditional fiat currencies, providing the benefits of blockchain technology without the extreme volatility that made cryptocurrencies impractical for everyday use.

The founding vision behind Tether emerged from the practical challenges faced by cryptocurrency exchanges and traders who needed stable units of account for conducting business in the rapidly evolving digital asset ecosystem. Brock Pierce, Reeve Collins, and Craig Sellars recognized that the extreme price volatility of cryptocurrencies created fundamental barriers to adoption, making it difficult for businesses to price goods and services in digital currencies or for individuals to use cryptocurrencies as reliable stores of value. Their solution was elegantly simple in concept: create digital tokens backed one-to-one by traditional fiat currency reserves, enabling users to hold and transfer value in blockchain-based systems while maintaining price stability.

The technical architecture underlying Tether was designed to leverage existing blockchain infrastructure while implementing the reserve management and issuance mechanisms necessary for maintaining price stability.