A British judge said USDT has property rights because it can be the subject of tracing and can constitute trust property like any other property. The day after the UK government began legislating on the status of cryptocurrencies, the High Court of England and Wales ruled that Tether's USDT stablecoin could be considered property. "The USDT has property rights under English law," said Richard Farnhill, deputy high court judge, in court papers filed on Thursday. "It can be the subject of tracing and can constitute trust property like any other property."