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What is USDT (Tether)? Are stablecoins really safe?

USDT is a stablecoin designed to stay worth one US dollar. Learn how it works, what its risks are, and the USDT scams common in Bangladesh.

2 min read · Last reviewed: 14 October 2026

Why stablecoins exist

Bitcoin and ether can move 5–10% in a day. Crypto traders wanted a token with a steady price so they could park value between trades. The answer was the stablecoin, a token that tries to stay pegged to a stable asset, usually the US dollar.

USDT, known as Tether, is the largest stablecoin. Each USDT aims to be worth $1.

How does it stay at $1?

Tether says it holds reserves (cash, US Treasury bills and other assets) equal to all the USDT in circulation. Large institutions can redeem USDT with the company for dollars, and that trust keeps the price near $1.

So USDT's safety depends on:

  1. whether the reserves really exist and how safe they are,
  2. the company's honesty and legal standing,
  3. whether it could pay everyone back if many holders redeemed at once in a crisis.

Questions have been raised about the transparency of Tether's reserves in the past, and the company has paid fines to settle with US regulators. In 2022 another large stablecoin, TerraUSD, collapsed to almost zero within days. It was a reminder that "stable" is not a guarantee.

Stablecoins versus bank money

Bank money / dollars USDT
Issued by Regulated banks A private company
Oversight Central bank Limited or unclear, varies by country
Deposit insurance Available in many countries None
Reversing mistakes Often possible Usually impossible

USDT scams in Bangladesh

Scammers in Bangladesh favour USDT because it sounds "like dollars". Common tricks:

  • "Dollar income" apps: deposit USDT and earn a fixed daily profit. MTFE, which collapsed in 2023, made claims like this.
  • Informal trade fraud: the seller takes your taka and never delivers the USDT, or shows a fake payment screenshot.
  • Fake wallet or exchange apps: they look like real apps, but deposits can never be withdrawn.

Under Bangladesh Bank's 2022 circular, banks and mobile financial services such as bKash and Nagad must not be used to buy or sell virtual assets. If you are cheated in such a deal, legal protection is hard to get. See the legal status.

Key points

  • USDT tries to stay worth $1, but it is not a dollar.
  • Its value depends on one company's reserves and the market's trust.
  • "Deposit USDT and earn daily profit" is almost certainly a scam.

Frequently asked questions

What is USDT worth in taka?
USDT tracks roughly $1, so its taka price is close to the dollar exchange rate. See today's figure on the USDT price page.
Is USDT as safe as dollars?
No. USDT is a token issued by a private company (Tether), not government money or a bank deposit. Its value rests on the company's reserves and the market's confidence in them.
Someone wants to buy my USDT at a premium. Is that a good deal?
Be careful. Prices far from the market rate, pressure to hurry and requests to use unfamiliar channels are classic signs of fraud. In Bangladesh such deals also carry legal risk.

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