There is more USDT in circulation than ever as Tether supply crosses $150 billion mark

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 issued over $73 billion worth of USDT tokens on Tron, which is the first time another blockchain has surpassed the amount of tethers circulated on Ethereum. 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. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.