01 /
Brief
Tether's dollar stablecoin. $185B market cap, the largest stablecoin. Dominant in emerging markets and offshore trading. Backed by US Treasuries, cash, and commercial paper.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
03 /
Milestones
How this player got here.
- Jan 2026Tether reported $10B+ profit for 2025; USDT supply at $186.5B
- Dec 2025Tether held $141B in US Treasuries backing USDT supply
- Jan 2025Crossed $140B market cap
- Jun 2024Crossed $100B market cap
04 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
