Tether issues the world's largest stablecoin by market capitalisation, USDT. It is referencing (pegged to) the U.S. dollar. USDT is classified as a centralized stablecoin, backed by U.S. dollar deposits, short-term U.S. Treasuries, cash equivalents and other Tether's reserves. The company also issues EURT, XAUT and other stablecoins.