Daniel Walker
Tether (USDT) has reached an all-time high in circulation, with the total supply exceeding $150 billion, according to the company’s latest Transparency report. The announcement was confirmed by CEO Paolo Ardoino in a post on X (formerly Twitter) this Monday.
This landmark achievement reflects Tetherโs ongoing momentum, fueled in large part by its massive exposure to U.S. Treasurys, which has become a significant revenue stream. The firm reported over $1 billion in operating profits last quarter alone, extending a remarkable growth streak that began in mid-2022.
In its Q1 2025 update, Tether revealed that its total exposure to U.S. government debt โ including direct investments and positions held via money market funds and reverse repos โ has reached nearly $120 billion. The majority of its reserves remain backed by short-duration U.S. Treasurys, bolstering investor confidence and regulatory alignment.
Tron Becomes the Leading Blockchain for USDT
In a surprising shift, Tron has now overtaken Ethereum as the leading blockchain for USDT issuance. According to Tether, over $73 billion in USDT has been minted on Tron, marking the first time another network has surpassed Ethereum in total USDT supply.
This evolution highlights the increasing demand for low-cost, high-speed blockchain infrastructure to support stablecoin usage, especially in emerging markets and DeFi ecosystems where transaction efficiency is critical.
Circle, Ethena, and Other Stablecoin Players Trail Behind
While Circleโs USDC remains the second-largest stablecoin with around $60 billion in circulation, other competitors have yet to make a significant dent. Projects like Ethenaโs USDe, Skyโs USDS, and Trump-backed USD1 are all still below the $10 billion threshold, showcasing Tetherโs dominant lead in the stablecoin market.
Tether’s Market Dominance Continues
As Tether continues to expand its reach across multiple blockchains and strengthen its financial foundation through U.S. Treasury yields, itโs clear the company is solidifying its role as the cornerstone of the stablecoin ecosystem. With a diversified issuance strategy and growing global demand, Tetherโs $150 billion milestone signals not just success โ but long-term staying power.
