what's tether?
Tether is a leading stablecoin issuer, primarily known for its USDT token, which is pegged 1:1 to the US dollar to provide price stability in the volatile cryptocurrency market. Launched in 2014, Tether operates as a digital asset backed by reserves including cash, cash equivalents, and other assets, enabling seamless transfers and trading on various blockchains like Ethereum, Tron, and Bitcoin. The project aims to bridge traditional finance and crypto by offering a reliable medium of exchange, liquidity for exchanges, and a hedge against volatility. Tether publishes transparency reports on its reserves and supports multiple fiat-pegged tokens, including those for the Mexican peso, offshore Chinese yuan, and gold. It has faced scrutiny over reserve backing but remains the most widely used stablecoin globally, facilitating billions in daily transactions.
Tether integrated into MegaETH oracle, discussed stablecoin regs, Solana supply crossed $3B, made investments.
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Holds over $122 billion in U.S. Treasury bills, representing 83.11% of reserves and surpassing Germany's holdings.
Launched GENIUS Act-compliant USAT stablecoin.
Bo Hines now leads Tether's U.S. arm.
Expects to become a top-10 buyer of U.S. Treasury bills in 2026, according to head of U.S. operations Bo Hines.
Lost Simon as an investor in the company.
USDT0 connects unified USDT liquidity from 18+ chains to Morph's payment-optimized settlement layer, enabling omnichain USDT liquidity on Morph.
Featured in a $20k USDT trading sprint event on cubexch running from February 10, 2026 at 21:00 UTC to February 12, 2026 at 21:00 UTC.
Reached 550 million users worldwide.
Facilitated $70 billion in cross-chain value transfers for USDt0 through LayerZero protocol in under a year.
Integrated LayerZero technology into Wallet Development Kit (WDK) core. Invested equity in LayerZero Labs and partnered with LayerZero Labs' Zero blockchain as a launch partner.
USDT is mentioned alongside USDC as a default unit of account for machine-to-machine payments in autonomous agent economies, enabling agents to bridge, swap, and route value autonomously through intents.
Has approximately $90 billion USDT supply on Tron network, representing half of USDT's total $180 billion market cap.
Burned 3.5 billion USDT following redemptions on February 10, 2026.
Transferred $3.5B USDT to Bitfinex exchange.
USDT supply on Aave V3 Ethereum reaches $6B with lending APR at 1.87%.
Supply rate on Ethereum mainnet dropped to 1.81% as borrowing demand decreased.
Supply rate on Plasma reached 3.5% as borrowing demand increased.
Received $305 million in USDT from Cango Inc.'s sale of 4,451 BTC to partially repay a Bitcoin-collateralized loan.
Added as a perpetual futures trading pair on Kraken Futures for EEA traders as of February 9, 2026.
Used as settlement currency for US stock futures trading product that operates 24/7, launched in 2026.
Reported $10 billion in profit during the first nine months of 2025 from USDT operations.
Generated the highest 7-day fees among all crypto entities, surpassing USDC, AAVE, HYPE, and JUP.
Minted 2 billion USDT on Tron during the week ending February 9, 2026.
Holds 148 tonnes of physical gold worth $23 billion as of January 2026, backing USDT and XAUT, ranking among the top 30 global gold holders according to Jefferies, exceeding reserves of Australia, UAE, Qatar, South Korea, and Greece, and is a largest tokenized gold issuer.
Gold reserves reached $23 billion according to Jefferies analysis.
Invested $250M in combined gold and equity during the week ending February 9, 2026.
Listed XAUT (Tether Gold) on Rollbit exchange.
Holds 84.8% stablecoin market share with Circle as of February 8, 2026, as the leading settlement rail for stablecoin activity across DeFi based on USDT dominance.
Market capitalization growth turned negative as USDT supply entered a downtrend in 2026, the first decline since Q1 2025.
Led stablecoins by volume and transaction count on Rango Exchange in January 2026.
Tether CEO Paolo Ardoino participates in a discussion about the future of finance and stablecoins alongside other industry figures.
Deployed profits into 140 investments spanning sectors including agriculture and sports.
Appointed Simon McWilliams as CFO, centralizing finance and operations in London and strengthening governance.
Employs 300 staff, plans to hire 150 additional employees over 18 months to reach 450 headcount by August 2027.
Froze $544M USDT linked to illegal gambling and money laundering with Turkish authorities in an illegal betting investigation.
Integrated into MegaETH's native oracle for just-in-time updates alongside USDM and cUSD, with speculation of a revenue share agreement.
Attended White House meetings on February 2, 2026, and February 10, 2026, alongside Coinbase, Kraken, Ripple, Paxos, BoA, JPMorgan, Wells Fargo, and Circle to discuss stablecoin yields and rewards regulations, the CLARITY Act, and US stablecoin regulatory framework.
Supply on Solana crossed $3 billion for the first time on February 5, 2026.
Invested in t-0 Network, a USDT-powered settlement platform for cross-border payments, enabling faster, lower-cost stablecoin transactions for merchants and consumers.
Acquired 12% stake in Gold.com for $150M.
User USDT holdings on Bybit reached approximately 6.226 billion USDT as of January 27, 2026, representing a 2.88% increase from the previous snapshot on December 17, 2025.
Reduced printing activity over the last several months amid federal scrutiny, according to market speculation about regulatory pressure impacting liquidity provision.
Brazilian congressional committee approved Bill 4,308/2024 which places compliance and risk-management obligations on exchanges offering USDT and requires all stablecoins to be fully backed by segregated reserves.
Briefly lost peg to $0.9980, the lowest level in over 5 years, following Brock Pierce surfacing in Epstein files.
Experienced past depeg events due to limited bank withdrawal throughput for redemptions, not structural issues, when becoming a major stablecoin for crypto exchanges.
Posts record user growth in Q4 2025 despite crypto market shock.
Minted 1,000,000,000 USDT on Tron on February 4, 2026.
Supported as a borrowable or collateral asset in Chainflip Lending, which launched on 2026-02-04.
Scaled back planned fundraising from $15-20 billion to as small as $5 billion after investor pushback over a $500 billion valuation.
Has a velocity of 3x per month, meaning the total supply circulates 3 times in 30 days.
Integrated with KoloHub crypto wallet and card platform to enable TRC-20 USDT payments to Kolo cards with near-real-time settlement on the TRON network.
Launched a US subsidiary in 2025.
USDT supply grew by over $50B in 2025, marking the second largest annual issuance, with market cap reaching $185B from $140B a year earlier.
Released MiningOS, an open source operating system for Bitcoin miners that is modular, scalable, and extensible.
Ranks as the second largest state growth contributor on Ethereum, approximately 10x smaller than XEN.
Reached 7 million phone-verified USDT wallets on MiniPay as of December 2025, with 300,000 unique USDT buyers in December 2025, representing a 33% month-over-month increase.
Involved in a U.S. criminal case where a Chinese national was sentenced to 46 months in prison for laundering $36.9 million through USDT from a crypto investment scam targeting 174 U.S. victims, with funds funneled to scam centers in Cambodia.
Trend Research withdrew 77.5 million USDT over a 20-hour period ending February 2, 2026 to repay debt on Aave.
Mentioned as a currency used for collateral on Binance alongside USDC, in the context of a campaign offering 12% APY on USDe that began on 2025-09-22.
Profits declined 23% year-over-year.
Was used as collateral for borrowing USDT on Binance, enabling a leverage loop where users recursively bought more USDT with borrowed USDT, inflating returns to over 70% before the October 10th market collapse.
Settled approximately $46 trillion annually in stablecoin transactions.
Holds $137 billion in US Treasury holdings, ranking as the 17th largest holder of US debt.
Maintains $6.3 billion in excess reserves on top of 100% reserves backing all issued tokens as of December 31, 2025.
Approximately 60-74% of USDT transfers on TRON are under $1,000 during Asia and Americas hours, driven by P2P payments and remittances.
XAUT (Tether Gold) appeared in MetaMask's top 5 most swapped tokens for the week ending January 30, 2026.
Tether (USDT) is accepted as one of the payment options for Gateway 2026 tickets through a partnership between TON blockchain and Moongate, with payments processed on the TON network.
Reached $84.65 billion USDT circulating supply on TRON, representing 45.87% of total USDT market supply.
Reached $65.9B+ in stablecoin volume on Celo network by 2025, with gas fees as low as $0.0001 payable in USDT.
Bridged USDT is available on Henesys L1 for trading against NXPC via Henesys DEX.
Paolo stated the company will become a "gold central bank" and continue stockpiling gold.
CEO publicly endorsed Dreamcash, a protocol offering USDT-collateralized RWAs on Hyperliquid.
Launched USA₮ (USAT), a federally regulated, dollar-backed stablecoin for the U.S. market under the GENIUS Act framework, issued by Anchorage Digital Bank with Cantor Fitzgerald as reserve custodian.
Released Q4 2025 attestation for Tether Gold.
Integrated as an incentive reward token for vlEGP staking on Eigenpie protocol.
Integrated as a reward currency option (earning 1% back on purchases) in the CL Card program alongside BTC.
Enabled instant global money transfers using USDC or USDT through the SEI Market Infrastructure Grids (MIG) platform.
Lending rate on Bitfinex dropped to 4.37% as of January 26, 2026.
Featured in Crypto.com's second USDT DeFi Yield Accelerator promotion ending on 2026-01-26, offering a 10% p.a. rewards boost to the first 10,000 users who allocate $100+ USDT to DeFi Yield and maintain their stake for at least 30 days.
Generated $7.4 billion in revenues during 2025.
Holds 61% market share of the stablecoin sector, which reached an all-time high total supply of $307.2 billion.
Maintains supply at $187 billion.
Accounted for 16.6% of crypto payment volume in 2025, ranking second after Bitcoin according to CoinGate payment data.
Borrowed as part of $193 million in stablecoins (including DAI, USDT, USDS) by the "7 Siblings" whale group from Spark protocol to purchase ETH during market dips in October-November 2025.
USDT on Polygon has over $1.3 billion in onchain liquidity and is held by more than 6 million wallets.
Minted $1.5B in USDT within a 3-hour period on 2026-01-20.
A wallet lost over $3M in XAUt (Tether Gold) through a malicious contract approval attack executed across consecutive blocks.
Tether Gold (XAUT) reached $2.47B TVL, a new all-time high.
Burned 3,000,000,000 USDT at Tether Treasury on January 20, 2026.
Experienced a 40% decline in USDT/bolívar pricing on Binance P2P in Venezuela from around 880 bolívars to near 500 bolívars between January 7 and January 20, 2026, attributed to expectations of economic rebound and improved FX liquidity rather than issues with USDT itself.
XAUT (Tether Gold) is now available on Mantle network, enabling trading and transfers on that chain via Bybit.
Partnered with Bitqik to provide Bitcoin and stablecoin education in Laos throughout 2026, aiming to educate over 10,000 people through online materials and quarterly in-person events.
A $509K USDT address poisoning attack occurred on January 16, 2026, where a victim mistakenly sent funds to a scammer's address (0xe842....f3e6F) instead of the intended address (0xe842....D3E6F).
USDT is integrated into Generic Protocol's GUSD stablecoin as one of the underlying collateral assets, alongside USDC and USDS, with yield routing powered by Morpho.
Launching on HIP-3 protocol, adding a new deployment location and introducing competition among quote assets.
Listed as one of the native trading pairs available on Uniswap's deployment on X Layer.
USDT0 vault went live on Summer Finance as one of their first two Hyperliquid vaults.
Included in Grayscale's Assets Under Consideration list for Q1 of 2026.
Merkl incentives launched for USDT/VCHF pair on Celo offering 11.21% APR.
Discussed in Pantera Capital's Stateful podcast episode as a topic regarding potential market cap dynamics with Ethereum.