Tether’s USDT Supply Hits Record $188 Billion

Tether’s USDT circulating supply reached an all-time high of $188 billion, Tether CEO Paolo Ardoino confirmed. The figure follows early March levels near $184 billion, when USDT represented about 58% of a $315 billion stablecoin market.

Tether reported controlling roughly $187 billion in assets and recording more than $10 billion in profit in 2025. Its February quarterly update listed $192.9 billion in reserves and $6.3 billion in equity. Ardoino has stated that over 550 million users worldwide rely on USDT for payments and savings.

USDT supply dipped earlier this year, falling $1.2 billion in January and $1.5 billion in February. Ardoino characterized those declines as strategic reallocations and pointed to continued usage in countries such as Argentina. Distribution data from Tether indicate the largest sender accounts for under 5% of activity.

On-chain metrics show rising liquidity across networks. The amount of USDT on Tron reached an all-time high near $86.7 billion. The token is used for exchange liquidity as well as payments, remittances and corporate treasury operations.

DoorDash is working with settlement firm Tempo to build a stablecoin-based payout system for merchants and Dashers in more than 40 countries. Tempo outlined features including high-speed processing, near-instant payouts with deterministic finality, low fees and isolated transaction lanes to maintain performance during traffic surges. The system will include ISO 20022-compatible memo fields to support structured reconciliation across currencies and jurisdictions.

Andy Wang, DoorDash co-founder, commented that faster, affordable payouts for merchants and Dashers would benefit the platform’s ecosystem. DoorDash reported completing 903 million orders in Q4 2025, representing $29.7 billion in value, and is scheduled to release Q1 2026 results on May 6.

Institutional activity in stablecoin infrastructure has continued. In 2024, Stripe agreed to buy Bridge for $1.1 billion. Mastercard acquired BVNK for roughly $1.8 billion in March, and Visa expanded its settlement platform in July. Tether’s balance-sheet figures and reserve disclosures show a large capital buffer as USDT circulation grows.