Tether is a cryptocurrency that has gained a lot of attention in recent years. It is a stablecoin that is pegged to the US dollar, meaning that its value is always equivalent to $1. However, its history is not without controversy. 

Tether was launched in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars. The aim of the cryptocurrency was to provide stability to the volatile cryptocurrency market by creating a stablecoin that was pegged to the US dollar. This would provide a safe haven for investors who were looking for a more stable investment option.

Initially, Tether was well-received by the cryptocurrency community. Its stable value made it an attractive option for traders who wanted to move funds between exchanges without having to convert their cryptocurrencies into fiat currencies. Tether was also seen as a way to avoid the high fees associated with traditional banking systems.

However, in 2017, Tether's history took a turn for the worse. Concerns began to arise about the company's ability to back its tokens with US dollars. Tether claimed that it had sufficient reserves to back its tokens, but it was unable to provide a clear audit to support this claim.

These concerns were compounded when it was discovered that Tether was being used to manipulate the price of Bitcoin. A study conducted by University of Texas finance professor John Griffin and graduate student Amin Shams found that Tether was used to buy Bitcoin at crucial times when the cryptocurrency's price was falling. This allowed traders to prop up the price of Bitcoin, which had a ripple effect on the entire cryptocurrency market.

In response to these concerns, Tether announced that it had hired a law firm to conduct an audit of its reserves. However, the results of this audit were never made public, leading to further suspicions about the company's operations.

Despite these controversies, Tether has continued to grow in popularity. As of 2021, Tether is the third-largest cryptocurrency by market capitalization, with a market cap of over $50 billion. It is used by traders and investors all over the world as a stable store of value and as a way to move funds between exchanges.

In conclusion, the history of Tether is a fascinating one that is still unfolding. While the cryptocurrency has faced a number of controversies over the years, it has also provided a valuable service to the cryptocurrency community by creating a stablecoin that can be used to avoid the volatility of the market. Whether or not Tether will continue to grow in popularity remains to be seen, but its impact on the cryptocurrency world is already significant.