The market cap of Tether’s USDt, the world’s largest stablecoin, has surpassed $160 billion for the primary time, a “new mind-blowing milestone,” in response to Tether CEO Paolo Ardoino.
In a Thursday publish on X, Ardoino referred to as the achievement a testomony to USDt (USDT)’s rising position because the digital greenback for “billions of individuals dwelling in rising markets and creating international locations.” USDt crossed $150 billion in Could.
Ardoino has stated that USDt is utilized by greater than 400 million folks worldwide, increasing by 35 million wallets every quarter, particularly in rising markets the place it serves as a dependable greenback substitute.
The blockchain distribution of USDt exhibits that Tron hosts the very best USDt provide, now accounting for about $81 billion, in comparison with Ethereum’s $65 billion, in response to information from DefiLlama. USDt issuance on different networks is considerably smaller, totaling $6.8 billion on BNB Chain, $2.3 billion on Solana and $1.1 billion on Polygon.
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USDt backed by money and US Treasurys
In response to Tether’s attestations, money and money equivalents, primarily short-term US Treasurys, represent 81.5% of USDT’s backing reserves, with Bitcoin (BTC) accounting for five.1%.
Tether holds over $127 billion in US Treasurys as of Q2 2025, rating because the 18th largest holder globally, alongside international locations like South Korea and Germany. The corporate posted over $1 billion in working revenue in Q1.
The stablecoin issuer has additionally been persistently minting new tokens. On Wednesday, Tether minted one other $1 billion, with greater than $4 billion over the previous week alone.
Final week, Tether introduced it’ll cease permitting redemptions of USDt on 5 legacy blockchains, together with Omni Layer, Bitcoin Money SLP, Kusama, EOS (now Vaulta), and Algorand, beginning Sept. 1.
The transfer goals to let the corporate give attention to blockchains with higher scalability, extra developer exercise and stronger group engagement, in response to CEO Ardoino.
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Stablecoin market expands amid rising regulatory readability
The stablecoin market has been increasing shortly, with fiat-pegged digital belongings more and more seen because the web’s go-to settlement layer. In 2024, stablecoin transaction volumes even surpassed these of Visa and Mastercard mixed.
The rising momentum comes because the Trump administration has prioritized stablecoin regulation, with the GENIUS Act main the cost. The invoice gained bipartisan help within the Senate Banking Committee and handed the Senate in June.
Nevertheless, it stalled within the Home of Representatives after a bunch of lawmakers blocked a key procedural vote on Tuesday. The Home is about to vote Thursday on the GENIUS Act as a standalone measure.
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