Tether Dollars are used on popular cryptocurrency exchanges as a crypto version of the US$ that can be traded for coins like Bitcoin and Ethereum as if they are real dollars. The theory is that a Tether Dollar (USDT) can always be redeemed for one real fiat US dollar on a 1:1 basis. That theory seems to be in dispute. Please watch this important video if you have any crypto stored on exchanges or have been considering trading crypto.
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This is an important story. Here is the coindesk article Tether Confirms Its Relationship With Auditor Has 'Dissolved'.
Here is a link to Ran Neuner tweeting about the market and Tether.
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Nathan, Why not think of USDT as just another crypto? Using your logic regarding USDT, shouldn't one then get ALL crypto off the "casino exchange" and onto a HARD WALLET???
FYI - Kraken does have USDT/USD but it doesn't appear that you can actually trade in USDT other than with USD as the crypto pairings are in USD (not USDT).