Catenaa, Friday, May 16, 2025-Tether’s circulating supply of USDT has surged past the $150 billion milestone for the first time, according to a company update released Monday. The surge marks a new high for the stablecoin issuer as it continues to benefit from US Treasury investments and blockchain expansion.
Tether CEO Paolo Ardoino confirmed the record figure in a post on X, noting that Tron has become the largest blockchain for USDT issuance, overtaking Ethereum for the first time. Over $73 billion of the total supply has been issued on Tron.
The stablecoin’s growth coincides with Tether’s rising profitability. The company reported more than $1 billion in operating profit for the first quarter of 2025, buoyed by its growing exposure to US Treasurys. Tether said its total exposure to government debt, including indirect holdings through money market funds and repurchase agreements, approached $120 billion.
The majority of USDT reserves are backed by short-term US Treasurys, according to recent attestations. The firm’s strategy of conservative asset backing has helped solidify its dominant position in the stablecoin market, despite longstanding scrutiny over transparency and regulation.
Tether’s closest competitor, Circle, has approximately $60 billion in USDC tokens in circulation. Other stablecoin issuers such as Sky’s USDS, Ethena’s USDe and Trump-linked USD1 remain below the $10 billion mark.
Tether’s milestone underscores the growing role of stablecoins in global crypto markets and decentralized finance applications, particularly amid volatile macroeconomic conditions.
