Why is it called USDT?

Could you explain why the cryptocurrency is named 'USDT'? I'm quite curious about the origin and rationale behind this nomenclature. As I understand, it seems to have some connection with the US dollar, but I'm not entirely sure. Is it because it's pegged to the value of the dollar? Or is there a deeper story or meaning behind the name? I'm fascinated by the world of cryptocurrencies and their intricate naming conventions, so I'd really appreciate it if you could shed some light on this matter.