Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUSDT (Tether)
Tether USD₮ (USDT) is a US dollar-backed stablecoin issued by Tether International, S.A. de C.V. (El Salvador), launched in 2014 (Tether platform launch). Regulation: stablecoin issuer authorized by El Salvador’s National Commission of Digital Assets (CNAD); Tether tokens are registered in the CNAD public registry; digital asset service provider authorized by CNAD (registration PSAD-0028). It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- USDT
- Issuer
- Tether International, S.A. de C.V. (El Salvador)
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- 2014 (Tether platform launch)
- E-money token under MiCA
- No
- Accounting firm or verifier
- BDO
- Latest reserve report
- June 30, 2026
- Supply
- 183,581,202,498 USDT net circulation
- Supply as of
- October 16, 2026
- Transparency page
- tether.to
- Checked on
Total reserves of $187.75 billion on June 30, 2026, against liabilities of $183.64 billion. The largest items were US Treasury bills ($114.96 billion), reverse repurchase agreements ($25.62 billion), precious metals ($18.84 billion), secured loans ($13.45 billion), bitcoin ($5.80 billion) and public equities ($3.76 billion). Reserve reporting: quarterly, with circulation figures published daily. Accounting firm or verifier: BDO. The latest report covers June 30, 2026. Supply: 183,581,202,498 USDT net circulation as of October 16, 2026, according to the issuer.
Only verified customers of Tether International can redeem, through app.tether.to. The minimum purchase or redemption is $100,000. Redemptions cost the greater of $1,000 or 0.1%, purchases 0.1%, and account verification a one-time 150 USDT. The issuer lists 13 networks where the token is issued natively: Ethereum, Tron, Solana, Avalanche, Aptos, TON, Near, Celo, Kaia, Cosmos (Kava), Liquid, Polkadot Asset Hub and Tezos.
On TRON, each USDT transfer uses about 64,000 energy, or about 130,000 to an address that has never held USDT, which the network charges in burned TRX unless the sender has energy. TRON energy explains the fees and compares the services that rent energy.
- Token name
- Tether USD₮
- Brand
- Tether
- Regulation
- Stablecoin issuer authorized by El Salvador's National Commission of Digital Assets (CNAD); Tether tokens are registered in the CNAD public registry
Digital asset service provider authorized by CNAD (registration PSAD-0028) - Reserves
- Total reserves of $187.75 billion on June 30, 2026, against liabilities of $183.64 billion. The largest items were US Treasury bills ($114.96 billion), reverse repurchase agreements ($25.62 billion), precious metals ($18.84 billion), secured loans ($13.45 billion), bitcoin ($5.80 billion) and public equities ($3.76 billion).
- Reserve reporting
- Quarterly, with circulation figures published daily
- Latest report
- assets.ctfassets.net
- Supply, millions of tokens
- 183,581.2
- Redemption
- Only verified customers of Tether International can redeem, through app.tether.to. The minimum purchase or redemption is $100,000. Redemptions cost the greater of $1,000 or 0.1%, purchases 0.1%, and account verification a one-time 150 USDT.
- Networks (native issuance)
- Ethereum, Tron, Solana, Avalanche, Aptos, TON, Near, Celo, Kaia, Cosmos (Kava), Liquid, Polkadot Asset Hub, Tezos
- Number of networks
- 13
- Website
- tether.to
- Sources
Page URL Tether transparency page (circulation) https://tether.to/en/transparency/ Tether transparency data feed (JSON behind transparency page) https://app.tether.to/transparency.json Tether fees page https://tether.to/en/fees/ Tether supported protocols https://tether.to/en/supported-protocols/ Relevant Information Document (CNAD), 20 Feb 2026 https://tether.to/public/Relevant_Information_Document_-_Tether_International,_S.A._de_C.V..pdf BDO assurance report + Financial Figures & Reserves Report, 30 Jun 2026 https://assets.ctfassets.net/vyse88cgwfbl/2kYf7r64h3tzwiu6F0CbUB/2997abd2f11ecea74a21528048b50707/Opinion___Report_-_Tether_International_Financial_Figure_30-06-2026.pdf Tether Q2 2026 attestation announcement (tether.io, 31 Jul 2026) https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/ CNAD list of stablecoins eligible for trading https://cnad.gob.sv/stablecoins-eligible-for-trading/ ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
