Tether announced that the total circulating supply of USDT has exceeded $150 billion, according to the latest update on the official transparency page, which was confirmed by Paolo Ardoino, the company's CEO, in a post on platform X on Monday.
This achievement comes as a culmination of two years of continuous growth in the company's performance, supported by strong returns from its investments in U.S. Treasury bonds.
Tether reported in its recent quarterly reports that it achieved operating profits exceeding $1 billion, part of an upward trend that began in the second half of 2022.
The company indicated that its total exposure to U.S. Treasury bonds reached approximately $120 billion in the first quarter of 2025, including indirect investments through money market funds and reverse repurchase agreements.
Short-term bonds constitute the largest part of USDT's reserve support, according to the company's reports.
In a remarkable shift, the number of USDT issued on the Tron network has surpassed $73 billion for the first time, overtaking the Ethereum network in terms of the number of USDT in circulation, reflecting a shift in user preferences towards cheaper and faster networks in terms of transaction fees.
In contrast, Circle, the issuer of USDC, remains the closest competitor with $60 billion in circulating cryptocurrencies.
While none of the other competitors, such as USDS$USDC from Sky, USDe from Ethena, or USD1 from $TRUMP , have exceeded the $10 billion threshold.
