USDT supply hits $188B ATH as Tether cements stablecoin dominance

Tether CEO Paolo Ardoino says USDT supply has reached a new all-time high (ATH) of $188 billion, reinforcing USDT’s lead in stablecoin liquidity. The USDT supply jump marks fresh growth from early March (around $184B), even after a brief cooling in February when USDT supply fell about $1.5B amid holder rotation. The record comes alongside broader market strength: stablecoins hit a combined $315B market cap weeks earlier, while third-party and Tether disclosures suggest Tether held about $187B in assets and reported over $10B profit for 2025. Tether also frames its model as well-cushioned and overcollateralized, citing reserves near $192.9B and net equity of $6.3B. Ardoino points to usage distribution to counter “whale concentration” concerns, saying the largest sender is under 5% of USDT transfers versus roughly 25% for some competing stablecoins. For traders, this is another signal of steady stablecoin demand—often linked to incoming risk appetite, higher on-chain dollar availability, and improved liquidity for exchanges and DeFi. USDT remains the third-largest crypto by market cap after BTC and ETH, with its issuance growth previously driving stablecoin market milestones from ~$226.8B (early 2025) to the ~$315B peak.