As indicated by data obtained from Tether’s reserves portal, the stablecoin giant has been confirmed to have exceeded the $150 billion mark for the first time in its history.
Tether’s Circulation Surges Beyond 150B, Expanding Its Market Dominance
Tether’s U.S. dollar-pegged token, USDT, is recognized as the leading fiat-backed digital asset by market capitalization. As reported on the company’s website this week, a total of 150.056 billion USDT has been placed in circulation. This amount accounts for approximately 4.47% of the overall $3.36 trillion valuation of the global crypto market. Within the more specific category of fiat-linked tokens, Tether’s presence is even more dominant, making up 61.80% of the $242.82 billion total.
Tether’s USDT stablecoin has been issued across multiple blockchain networks, with each platform hosting a varying share of its total circulation. According to the latest data, Tron has been identified as the leading network, supporting $73.19 billion in USDT and establishing itself as the primary chain for the token’s distribution. Close behind, Ethereum has been reported to hold a net supply of $71.72 billion.
A circulating volume of $1.93 billion in USDT has been attributed to the Solana network, whereas the Ton blockchain has been reported to contain slightly below $998.79 million. Aptos, a newer entrant to the ecosystem, has been credited with a net issuance of $735.59 million. In comparison, Omni—the initial platform for USDT—now supports just $82.89 million. Varying amounts are maintained across other blockchains, with certain networks accommodating substantially more than Omni, while others support considerably less.
Tether’s dominant status has been maintained despite the emergence of numerous new stablecoins and the entry of major payment providers like PayPal into the digital dollar space. Circle’s USDC, with a market capitalization of $60.7 billion, is still regarded as the closest rival to USDT. However, questions continue to be raised about the longevity of Tether’s lead—especially if major financial institutions opt to issue their own fiat-backed digital tokens.
Since its inception, USDT has been regarded as the dominant stablecoin, maintaining its lead by a significant margin. However, the future is steadily approaching, and shifts in the landscape are always to be expected.
