Tether

Tether (USDT) is a stablecoin, a type of cryptocurrency designed to maintain a value equal to one US dollar at all times. It was created so that people operating in cryptocurrency markets could hold and transfer a dollar-equivalent asset without leaving the crypto ecosystem or relying on a traditional bank account. The primary audience is traders, exchanges, and anyone who wants to avoid the price swings typical of other cryptocurrencies while still keeping funds on a blockchain.

Tether Limited, a company incorporated in Hong Kong and governed under the laws of the British Virgin Islands, issues USDT tokens and states that each token is backed by reserves held in equivalent value. The tokens exist across multiple blockchains simultaneously, including Ethereum, Solana, Avalanche, Tezos, Near Protocol, Celo, and others, meaning the same asset can settle on whichever network a user or exchange prefers. There is no single consensus algorithm attached to USDT itself; it inherits the consensus mechanism of whichever underlying blockchain it is issued on.

The data provided for Tether does not include a fee stream — no protocol revenue, fee collection, or distribution figures are stored for this asset, which means fee-based measures that this site calculates for other assets are not applicable here. Tether Limited generates revenue through its own reserve management activities, but those figures are not reflected in the on-chain metrics presented on this page. What the data does show is a circulating stablecoin supply of 183,318,926,536.08 USD-equivalent tokens at the point in time recorded, with a 30-day change in that supply of negative 0.422491 percent, indicating the outstanding token count moved slightly lower over that period.