USDT’s circulating supply has climbed to a new record of $188 billion, according to Tether CEO Paolo Ardoino, pushing the token further ahead of its stablecoin rivals. The update comes as liquidity across the stablecoin market remains close to peak levels.
Earlier data showed the sector had already reached a combined market capitalization of $315 billion. At the start of March, Tether’s market cap stood near $184 billion, equal to roughly 58% of the stablecoin market at that time. The latest increase adds to that lead and keeps USDT at the center of on-chain dollar demand.
Supply growth resumes after an earlier pullback
The move to a fresh high follows a short period of contraction earlier in the year. Bloomberg reported that USDT posted its sharpest monthly supply decline since the FTX collapse, falling by about $1.5 billion in February after a $1.2 billion decline in January as large holders rotated capital.
Ardoino has said those flows were tactical rather than evidence of a deeper move away from Tether. In prior interviews, he pointed to demand in inflation-hit economies such as Argentina, where users turned to stablecoins for payments and savings when access to physical dollars became harder during pandemic-era restrictions.
Tether points to reserves, profit and balance sheet strength
Based on Tether disclosures and third-party trackers cited in the report, the company held around $187 billion in assets and reported more than $10 billion in profit for 2025. That financial position has given Tether one of the larger capital cushions in crypto and helped it keep issuing USDT in line with demand.
In its February quarterly update, Tether said USDT’s market cap had already reached a then-record $187.3 billion as of late 2025, with total reserves of $192.9 billion and net equity of $6.3 billion. The company described the business as profitable and overcollateralized relative to liabilities.
Distribution data adds to Tether’s market case
Ardoino has also highlighted transfer distribution. In a recent post on X, he said the largest single sender accounted for less than 5% of USDT transfers, compared with nearly 25% for some competing stablecoins, arguing that USDT usage is spread across a broader base of participants.
With supply now at $188 billion, USDT remains the third-largest crypto asset by market capitalization behind Bitcoin and Ethereum, according to crypto.news market data. The stablecoin market had earlier set a record at $226.8 billion in early 2025 before climbing to $315 billion, with USDT’s continued expansion serving as a major driver of both milestones.