There is more USDT in circulation than ever as Tether supply crosses $150 billion mark
Quick Take
- The total USDT supply crossed the $150 billion mark, according to Tether’s latest update on its transparency page.
- The company has issued over $73 billion worth of USDT tokens on Tron, the first time it surpassed the amount circulated on Ethereum.
There are now more tether’s in circulation than ever, according to Tether's latest Transparency page update. The total USDT supply crossed the $150 billion mark, Tether CEO Paolo Ardoino posted on X on Monday.
The news comes amid a gangbuster couple of years for the storied stablecoin issuer, which has been minting profits from its sizable holdings of U.S. Treasurys. Last quarter, Tether reported "over $1 billion in operating profit,” continuing on a growth trajectory that began during the second half of 2022.
Tether said its “total exposure” to U.S. Treasurys had neared $120 billion in Q1 2025, including its indirect exposure to government debt through money market funds and reverse repurchase agreements. Short-dated Treasurys make up the majority of USDT’s backing reserves, according to its attestations.
According to Tether, the company has authorized over $74 billion worth of USDT tokens on Ethereum, $73 billion on Tron, and around $1-$2 billion on networks like Solana, Avalanche, Ton, and Aptos.
Tether’s largest competitor, Circle, has issued approximately $60 billion USDC tokens. None of the next largest rivals, like Sky’s USDS, Ethena’s USDe and Trump’s USD1, have cracked the $10 billion mark.
Editor's note (May 15, 2025 — 6:25 p.m. ET): This is not the first time the amount of USDT on Tron surpassed the amount on Ethereum.
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