Tether does not have its own blockchain network. It operates as a second-layer digital token based on other cryptocurrency blockchains like Bitcoin, Ethereum, Algorand, Tron, Bitcoin Cash.
It is also known as “stablecoin”. Stablecoins are basically blockchain instruments that have their value pegged to the value of traditional fiat currencies. That is why 1USDT should be the equivalent of $1. The goal of stablecoin is to keep the value of the cryptocurrency stable.
Because it’s stable, many crypto investors use Tether to avoid the volatility of other cryptocurrencies. For example, if investors fear that the crypto market prices may decrease, instead of withdrawing funds, they can transfer their funds to Tether (USDT).
At the moment, USDT is the most used stablecoin.