On May 13, 2025, Tether – the organization behind the world's largest stablecoin USDT – officially surpassed the milestone of 150 billion USD in circulation, reinforcing its position as the 'king' in the industry. With impressive profits and the shift to TRON, will Tether reshape the future of digital finance? Let's analyze in detail.


USDT Sets a Historic Milestone of 150 Billion USD

Tether has just marked a new milestone as the total circulating amount surpasses 150 billion USD – the highest ever. CEO Paolo Ardoino confirmed this information on X earlier this week, marking a significant advance after the company earned over 1 billion USD in operating profit in Q1 2025, continuing the growth momentum from the second half of 2022. This breakthrough not only demonstrates scale but also affirms the attractiveness of USDT in the decentralized finance (DeFi) ecosystem and global payments.


USDX, the index measuring the strength of the USD, surpassed 100 on May 8 and temporarily peaked at 101.97 late on May 12 (data from TRON), reflecting the stability of the USD – the main backing for USDT – in the context of high interest rates and market volatility.


Solid Backing Portfolio

Tether announced that its 'total exposure' to US government bonds reached nearly 120 billion USD in Q1 2025, including direct investments, money market funds, and reverse repo contracts. The majority of the collateral is short-term bonds – a type of highly liquid, safe asset that earns stable returns when interest rates remain high. This reinforces confidence in the ability to maintain the 1:1 ratio of USDT, despite facing doubts in the past.


TRON Surpasses Ethereum: A New Trend in Blockchain Infrastructure

A significant turning point is that over 73 billion USD USDT is currently issued on the TRON network, for the first time surpassing Ethereum in terms of circulating USDT. This data reflects the trend of users and organizations shifting to TRON due to low transaction fees and fast processing speeds, especially in DeFi, P2P transactions, and cross-border payments. While Ethereum still plays an important role in Web3, high costs are gradually causing it to lose its leading position in stablecoins, making way for more efficient networks like TRON.


Tether Remains the 'King' of Stablecoins

In the stablecoin race, Tether dominates its competitors. Circle, with 60 billion USD, is the nearest rival but only represents 40% of the USDT supply. New stablecoins like USDS (Sky), USDe (Ethena), and USD1 (Trump family project) have yet to exceed 10 billion USD, reflecting a significant gap in scale and market acceptance. With its leading position, Tether continues to set the standard for the industry.


Impact on the Crypto Market

This event brings many positive signals:



  • Increased liquidity: Crypto fund inflows reached 3.4 billion USD last week, with USDT playing a crucial bridging role in DeFi (TVL 200 billion USD).


  • Promoting DeFi: TRON has become the center for USDT trading, supporting projects like Haedal (TVL 200 million USD).


  • Long-term growth: The forecast to accumulate 330 billion USD into Bitcoin by 2029 is reinforced by the stability of USDT.



Future Prospects

If Tether maintains growth and expands on TRON in the next 1-2 years, the leading position will be further solidified, especially as USDX at 101.97 indicates the strength of the USD. However, regulatory pressure and competition from USDC and USD1 may pose challenges.


Conclusion: Will Tether Continue to Dominate Stablecoins?

Tether surpasses 150 billion USD USDT in circulation, with profits of 1 billion USD/quarter and backing of 120 billion USD in US government bonds, reinforcing its position as the 'king' ahead of USDC and new competitors. The shift to TRON and USDX reached 101.97 (12/05), opening up significant prospects for DeFi and crypto. Investors should closely monitor to anticipate trends.


Risk warning: Crypto investment carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating.