USDT, Tether’s U.S. dollar-linked token, holds the title of the largest fiat-referenced digital asset by market capitalization. This week, the firm’s website disclosed that 150.056 billion USDT are currently in circulation. That figure translates to 4.47% of the total $3.36 trillion valuation of the broader crypto economy. Within the more narrowly defined fiat-pegged token sector, tether’s footprint is even more pronounced, comprising 61.80% of the $242.82 billion total.
Source: tether.to
Tether’s USDT stablecoin is distributed across a diverse set of blockchains, each carrying a distinct portion of the token’s overall circulation. Based on the most recent figures, Tron stands at the forefront, facilitating $73.19 billion worth of USDT—positioning it as the dominant chain for the token’s issuance. Ethereum follows in close proximity, with $71.72 billion in net supply.
Solana accounts for $1.93 billion in circulating USDT, while the Ton blockchain holds just under $998.79 million. Aptos, a relatively new player, registers $735.59 million in net issuance. In contrast, Omni—the original launchpad for USDT—now carries only $82.89 million. Other networks range in capacity, with some hosting significantly more than Omni, and others notably less.
Tether has preserved its leading position even as a wave of novel stablecoins has entered the arena—and as established payment giants like Paypal have rolled out their own digital dollars. The nearest contender to USDT remains Circle’s USDC, which commands a $60.7 billion market cap. Yet despite Tether’s current command, a looming question persists: how enduring is this supremacy, particularly if heavyweight financial institutions decide to mint their own fiat-linked tokens?
Since its debut, USDT has held the throne—and by a wide margin, it continues to wear the crown. Still, the future has a way of creeping ever closer, with change never far behind.
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