USDT, Tether's "token," is a representation of the US dollar that can be readily traded on cryptocurrency markets.USDT doesn't have 100% cash dollar backing, so the extent to which it can hold its 1:1 peg to the dollar depends entirely on the credibility of its issuer and the confidence of traders.Wild swings in Bitcoin's price might not be triggered by USDT issuance, but they most definitely can be fed by it.