Outstanding Supply of Tether, Circle, Sky, and Ethena: What Investors Should Know
Outstanding supply is a key metric for investors, as it reflects a token’s current circulation and helps gauge scarcity and market potential. A higher outstanding supply, especially when matched by strong demand, often signals robust adoption and liquidity for a project.
Tether (USDT): As of June 2025, Tether’s USDT has surpassed $154.7 billion in circulating supply, dominating the stablecoin market with over 65.9% share. The majority of this supply is issued on the Tron network, which alone accounts for more than $75 billion in USDT, making Tron the leading blockchain for stablecoin activity.
Circle (USDC): USDC, Tether’s closest competitor, has a circulating supply of approximately $59.1 billion, representing about 24.6% of the stablecoin market.
Sky (SkyEcosystem): SkyEcosystem’s outstanding supply has grown in line with its increasing adoption, helping position the project as a notable player in the market. A large circulating supply with strong demand can indicate healthy project growth and liquidity.
Ethena (Ethena Labs): Ethena Labs has also seen its outstanding supply rise, reflecting strong market interest and usage. This trend supports the view that high supply, when paired with adoption, can be a positive signal for investors.
In summary, monitoring outstanding supply alongside demand and adoption trends—like those seen with Tether, Circle, SkyEcosystem, and Ethena Labs—can help investors assess a token’s scarcity, market health, and long-term value potential.
