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

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'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

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, 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.