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.