Tether USD stablecoin circulating supply inches close to 100 billion

Quick Take

  • The dollar-pegged stablecoin has a current supply at its all-time high range of around 99.5 billion.
  • Tether, USDT’s issuer, recorded its highest net profit of $2.9 billion in the fourth quarter of 2023, according to its attestation report.

USDT, the world’s largest stablecoin, drew close to 100 billion in circulating supply on Monday. The dollar-pegged stablecoin’s supply currently sits at its all-time high range of around 99.5 billion, according to The Block’s Price Page.

Its market capitalization, which multiplies supply by price, breached $100 billion at one stage as its value fluctuated. Tether claims on its website that all USDT tokens are pegged at a 1:1 ratio with the U.S. dollar.

The total USDT supply, including those minted and authorized, amounted to 104 billion as of Monday, according to The Block's data.

Tether supply has grown alongside the rise of bitcoin and the general cryptocurrency market this year, led by major events such as the launch of spot bitcoin ETFs in the U.S. The dollar-pegged stablecoin had a $91.69 billion market capitalization on Jan. 1, according to CoinMarketCap data. 

“Tether has issued so far 99.5 billion tokens, 100% covered by liquid assets (of which the vast majority is in US t-bills) plus holds an additional approximately $5.4 billion of excess reserves on top (undistributed profits), to further consolidate Tether’s position as a safe and trusted player in the crypto industry and broader financial industry,” Tether CEO Paolo Ardoino told The Block.

With the growth, Tether has further distanced itself from Circle’s runner-up stablecoin USDC, which has a circulation supply of 28.9 billion, according to The Block data. 

Tether reached a record net profit of $2.9 billion in the fourth quarter of last year, with much of the profit coming from the appreciation of the company’s U.S. Treasuries, bitcoin and gold holdings, according to its attestation report. 

Yogita Khatri contributed reporting.

Updates: Added Ardoino's comment and more details on the total USDT supply


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About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

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