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
- 183,790,409,137 USDT net circulation
- Supply as of
- September 28, 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: 183,790,409,137 USDT net circulation as of September 28, 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.
- 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
- 183,790.4
- 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
