$USDC $USDC 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.