Most major digital currencies suffered massive drops over the last 24 hours, but one token actually appeared to have posted gains.

It's called tether, and the digital asset aims to link the cryptocurrency environment to the fiat world by tying each token to government-backed currency. One tether token is meant to equal $1, but price-checking website CoinMarketCap shows the price varying by a few cents over time.

In fact, even though the cryptocurrency isn't designed to go up against the dollar, it's actually the only one of the top 50 digital currencies listed by market value on CoinMarketCap to see gains over the last day.

The digital currency traded at $1.04 at 10:05 a.m. HK/SIN, according to CoinMarketCap data, and was up 3.23 percent from a day ago. It had a market cap of $1.69 billion.