In a significant ruling, the High Court of the UK declared that Tether (USDT) is recognized as property. This decision followed the passing of an act by the UK government which clarified that cryptocurrencies fall under the category of 'personal property' within the law of property. The legal status of Tether was at issue in a case involving cryptocurrency theft, where stolen funds, including Tether, were later sold through crypto mixers and multiple crypto exchanges. Deputy High Court Judge Richard Foxhall stated on September 12th that USDT enjoys property rights under English law. The judge also mentioned that USDT constitutes a unique form of property that does not rely on underlying legal rights, can be traced, and can serve as trust property like other forms of property. This judgment further solidifies the legal status of cryptocurrencies as property, aligning with the laws of England and Wales.