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What is USDT (Tether)?

What the largest stablecoin is, the networks it runs on, why casinos use it, and the risks worth understanding.

Stable Spins editorial team · Updated · 2 min read

USDT, also called Tether, is the largest stablecoin: a crypto token designed to be worth one US dollar. It’s the most common way to pay at crypto casinos because it moves like crypto but holds its value like dollars. Here’s what it is, how it works, where it runs, and the risks worth understanding before you use it.

What USDT is

USDT is issued by Tether. Each token is meant to be redeemable for one US dollar, and Tether says its tokens are “backed 100% by Tether’s Reserves”, publishing circulation figures and reserve reports on its transparency page. People use USDT to move dollar value quickly between exchanges, wallets and services, including casinos, without converting back to bank money each time.

Where USDT runs

USDT isn’t one token on one blockchain. Tether’s own list of supported networks includes Ethereum, Tron, BNB Smart Chain, Solana, TON and Avalanche, among others, and it has stopped issuing on some older networks. USDT on networks that aren’t on Tether’s list, such as Polygon, is a bridged version. To a casino, USDT on Tron and USDT on Ethereum are different things with different addresses and costs.

That’s why the network you choose matters more than anything else when you deposit. Our deposit cost index shows what a transfer costs on each network, and our networks guide explains the differences.

Why casinos use it

  • Stable balance. 100 USDT is about $100 whatever Bitcoin does, so your bankroll only moves when you win or lose a bet.
  • Fast and cheap transfers on networks like Solana, BNB Chain and Polygon.
  • Widely available on exchanges outside the EU, and accepted by every casino we review.

Our USDT casinos guide covers how stablecoin casinos work end to end, and our best USDT casinos ranking compares the ones we review.

Risks to understand

  • The peg can wobble. USDT has briefly traded below $1 during market stress, for example in May 2022, before recovering. A stablecoin is designed to hold $1, not guaranteed to.
  • You rely on the issuer. USDT’s value depends on Tether’s reserves and on Tether honouring redemptions.
  • Tokens can be frozen. Tether can freeze USDT at specific addresses, for example at the request of law enforcement.
  • EU availability. Many exchanges regulated under the EU’s MiCA rules have restricted USDT, so EU users often use USDC instead. See USDC vs USDT.
  • Crypto transfers are final. Send to the wrong address or network and there’s no chargeback. See wrong-network deposits.

USDT, USD₮ and “Tether”

Tether writes its token as USD₮; exchanges and casinos usually show it as USDT, sometimes with the network in brackets: USDT (TRC-20), USDT (ERC-20), USDT (BEP-20) and so on. They’re all the same dollar token issued by Tether, on different networks.

More in our stablecoin casino guides.

FAQ

Is USDT the same as a dollar?
It’s designed to be worth one dollar and usually trades very close to it, but it’s a token issued by a private company, not a bank deposit or government money.
What’s the difference between USDT TRC-20 and ERC-20?
The network. TRC-20 is USDT on Tron and ERC-20 is USDT on Ethereum. They cost different amounts to send, use different addresses, and you must use the network the recipient specifies.
How do I get USDT?
Most people buy it on a crypto exchange. Our guide to buying USDT or USDC covers the steps and costs.

Checked October 2026. Sources: Tether transparency · Tether supported protocols · network costs from our deposit cost index.