01 /
Brief
Issuer of USDT and operator of a broader tokenization business that includes Tether Gold (XAUT). USDT reserve and circulation disclosures are published on Tether's transparency page.
02 /
Primary sources
Checks cover the claims listed below. Other details may still need review.
- Tether: reserves and product links (opens in a new tab)
Checked
- USDT issuer disclosures and Tether Gold product relationship; undated supply estimates removed.
03 /
Snapshot
Key terms and identifiers.
- Asset classes
- Commodities
- Token standards
- erc-20
- Regulatory
- uae-vara
- Jurisdiction
- Global
- Analytics
- defillama.com/stablecoin/tether
04 /
Milestones
How this player got here.
- Jan 2026Reported $10B+ net profit for 2025; gold reserves valued at $17.4B, BTC at $8.4B
- Jan 2026USAT launched as Anchorage-issued ERC-20 on Ethereum
- Sep 2025Announced USA₮, U.S.-regulated stablecoin under GENIUS Act framework, with Bo Hines as CEO
- Jan 2025USDT crosses $140B market cap
- Jun 2024USDT crosses $100B market cap
05 /
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
- EthereumBuilds onPrimary chain
- SolanaBuilds on
- LayerZeroIntegratesUSDT0/XAUt0 via OFT
- ArbitrumBuilds on
- PolygonBuilds on
- BNB ChainBuilds on
- AvalancheBuilds on
- OptimismBuilds on
- BinanceIntegratesLargest USDT venue
- KrakenIntegratesExchange listing
- HyperliquidBuilds onXAUt0 on HyperEVM
- SEIBuilds on
- MantleBuilds on
- Liquid NetworkBuilds on
