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Realcoin, later renamed Tether, announces a dollar-backed token built on Bitcoin
Brock Pierce, Reeve Collins, and Craig Sellars announced Realcoin on 8 July 2014, a token backed 1:1 by US dollars in reserve, built on the Bitcoin blockchain via the Mastercoin protocol layer. The project aimed to get bitcoin's cheap transfers without its price swings; it was renamed Tether in November 2014.
- Realcoin was created by Brock Pierce, Reeve Collins, and Craig Sellars (Mastercoin co-founder).
- Each token was backed 1:1 by US dollars held in reserve and could be redeemed at any time, addressing bitcoin's volatility for trade.
- Realcoin rebranded to Tether in November 2014, eventually becoming the dominant dollar stablecoin used across crypto exchanges.