Gate News message, April 22 — Tether’s flagship stablecoin, USDT, has reached a record circulating supply of $188 billion, according to Tether CEO Paolo Ardoino. The milestone builds on early March levels when USDT’s market cap stood at $184 billion, representing approximately 58% of the $315 billion stablecoin market at that time.
USMT’s expansion reflects rising global demand for digital dollars, particularly in emerging markets with limited traditional banking access. Ardoino has previously noted that over 550 million users worldwide rely on USDT for payments and savings. Despite a temporary dip in February—a $1.5 billion decline, the largest since the FTX collapse, following a $1.2 billion pullback in January—USDT has recovered to its current record level. Ardoino attributed the earlier declines to strategic reallocations rather than diminished demand, highlighting strong usage in markets like Argentina. The largest USDT sender account represents less than 5% of activity, far below the roughly 25% concentration seen in competing stablecoins.
Tether reported controlling approximately $187 billion in assets and posting over $10 billion in profit in 2025, providing a substantial capital cushion for ecosystem stability. Its February quarterly update disclosed $192.9 billion in USDT reserves and $6.3 billion in equity. USDT circulating on Tron has reached an all-time high of nearly $86.7 billion, reflecting rising market liquidity and steady demand.
Stablecoin adoption is rapidly expanding beyond crypto markets into real-world payments and financial infrastructure. DoorDash is developing a stablecoin-based payment system on Tempo to streamline payouts for merchants and Dashers across more than 40 countries, enabling high-speed processing, near-instant settlements, and low fees. Co-founder Andy Wang stated: “There’s real promise with stablecoins transforming financial infrastructure, not just in America, but globally. If we can get merchants and Dashers their money faster and affordably, that’s a no-brainer for the entire ecosystem.” Meanwhile, Stripe acquired stablecoin platform Bridge for $1.1 billion in 2024, Mastercard purchased BVNK for approximately $1.8 billion in March, and Visa expanded its settlement platform in July.
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