Does USDT work on Ethereum network?

I'm quite curious about the functionality of USDT on the Ethereum network. Could you please explain how it operates within this blockchain environment? I understand that USDT is a stablecoin pegged to the value of the US dollar, but I'm not entirely sure how it interacts with the Ethereum network. Does it have its own smart contract? How does it maintain its peg to the dollar while operating on Ethereum? Could there be any potential risks or limitations to using USDT on Ethereum? Thank you for your time and expertise.