Tether (USDT) is a fiat-backed US dollar stablecoin issued by Tether. It has about $184B in circulation, ranking #1 among the stablecoins CoinScoop tracks, and runs on 53 blockchains.
USDT price
$0.9992
On peg Circulating supply
$184B
30-day change
+0.5%
Price
$0.9992
Blockchains
53
Tracked since
Nov 2017
What is USDT?
Tether (USDT) is a fiat-backed US dollar stablecoin issued by Tether. It has about $184B in circulation, ranking #1 among the stablecoins CoinScoop tracks, and runs on 53 blockchains.
The largest stablecoin by supply. Tether issues a separate US-regulated dollar token, USAT.
In the issuer's words: Launched in 2014, Tether tokens pioneered the stablecoin model. Tether tokens are pegged to real-world currencies on a 1-to-1 basis. This offers traders, merchants and funds a low volatility solution when exiting positions in the market.
USDT supply history
$196B$170B
Oct 8, 2025Oct 8, 2026
$196B$0
Nov 29, 2017Oct 8, 2026
USDT supply grew 0.5% over the past 30 days, to $184B. Its peak was $190B in May 2026, and supply is 3% below that high.
Is USDT holding its peg?
Last price
$0.9992
Target
1.0000 USD
Status
On pegUSDT is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDT lives: supply by blockchain
USDT is spread across several networks. The largest, Tron, holds 50% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How USDT is backed
USDT is backed by cash and cash equivalents (mostly short-dated US Treasury bills), plus other assets including Bitcoin and gold, per Tether's quarterly attestations.
Minting and redemption: Tether customers who have undergone a verification process can exchange USD for USDT and redeem USDT for USD.
Reserve reports and audits: tether.to
USDT risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDT vs USDC and USDS
Similar fiat-backed stablecoins
See all →
USDT in the news
Stablecoin Yield: Live Rates and Where the Interest Comes From
USDT vs USDC: Differences, Reserves and Which to Use
Spalletta convicted as DOJ files USDC, USDT forfeiture cases
USDT guides
- Form 1099-DA Explained: What Your Crypto Exchange Reports to the IRSForm 1099-DA is the IRS form US crypto brokers use to report your sales. For 2025 it shows proceeds only; from 2026 it adds cost basis for crypto bought on the same exchange.
- Stablecoin Yield: Live Rates and Where the Interest Comes FromLive APYs for the biggest stablecoin savings and lending products, where each rate comes from, and the risks behind yields above the Treasury-bill rate.
- USDT vs USDC: Differences, Reserves and Which to UseUSDT is the biggest and most-traded stablecoin; USDC is smaller but more transparent and more tightly regulated. Live data, reserves and risks compared.
USDT FAQ
What is USDT?
Tether (USDT) is a fiat-backed US dollar stablecoin issued by Tether. It has about $184B in circulation, ranking #1 among the stablecoins CoinScoop tracks, and runs on 53 blockchains.
Is USDT pegged 1:1 to the US dollar?
USDT targets 1 USD. At the last update it traded at $0.9992, a deviation of -0.08%, which we classify as "on peg".
What backs USDT?
USDT is a fiat-backed stablecoin. Cash and cash equivalents (mostly short-dated US Treasury bills), plus other assets including Bitcoin and gold, per Tether's quarterly attestations.
Which blockchains is USDT on?
USDT is live on 53 blockchains. The largest by supply are Tron ($92.70B), Ethereum ($76.63B), BSC ($9.18B).
How much USDT is in circulation?
About $184B of USDT was in circulation at the last update, +0.5% over 30 days. That makes it the #1 stablecoin by supply among those we track.
Does USDT pay interest?
No. USDT does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by USDT.
Is USDT safe?
No stablecoin is risk-free. As a fiat-backed design, USDT's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.