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Brief
Tether's dollar-pegged token, backed by the issuer's reserves. Tether reports reserve assets and token liabilities through its transparency disclosures. It eliminated commercial paper from reserves in October 2022.
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Primary sources
Checks cover the claims listed below. Other details may still need review.
- Tether: commercial paper eliminated (opens in a new tab)
Checked
- Tether reported eliminating commercial paper from reserves on October 13, 2022.
- Tether: reserve disclosures (opens in a new tab)
Checked
- Issuer reports reserve backing and circulating liabilities; no current supply number asserted in this refresh.
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Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
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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
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Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
