The total value of USDT in circulation has exceeded $150 billion. According to Tether, $73 billion worth of stablecoins have been issued on the TRON network, surpassing Ethereum for the first time.
From 0 to $150B.
Born in 2014, Tether didn’t just launch USD₮ — it launched the entire stablecoin industry.
Today, USD₮ is trusted by 400+ million people & powers the digital economy.
To every user, builder & believer: thank you❤️
We’re just getting started#UnstoppableTogether pic.twitter.com/PPC2PUy1Si— Tether (@Tether_to) May 12, 2025
In the first quarter of 2025, the issuer’s reserves, nearly $120 billion, consisted of short-term US Treasury bills. The company also reported a quarterly operating profit exceeding $1 billion.
The main competitor to USDT, Circle’s USDC stablecoin, has a market capitalisation of about $60 billion. Other counterparts — USDS, USDe, and USD1 — have yet to surpass the $10 billion mark.
Earlier in April, Citigroup predicted that the capitalisation of stablecoins could grow to $3.7 trillion in five years, while Standard Chartered forecasted it to reach ~$2 trillion by 2028.
In early May, the market capitalisation of the USD1 stablecoin from Donald Trump-affiliated World Liberty Financial surged — to ~$2.1 billion.