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Market cap
DIA price
Total supply
Holders
188.7B USDTpartial
DIA does not read Kava onchain yet. DIA holds no verified contract address on BSC. The figure above is a floor.
17,567,979holders
What the top-10 is
Shares of the same supply as Top-10, from public address labels covering 100.0% of the top-10 balance. Exchange custody is one address holding for many end holders. Unattributed means unlabelled, not self-custodied.
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
-$650.9Ksince Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USDT's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
2 of the 5 chains DIA holds a verified USDT contract on carry a deployment date and are plotted here. The other 3 were verified without one and are left off the curve rather than dated to the day DIA read them.
$3.76B
deployed across 11 markets on 9 protocols
Lower bound: USDT's balance inside lending markets DIA reads on-chain directly. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track. The share above is measured against a partial onchain supply figure — DIA has not yet read Kava, BSC.
DIA price
$0.9998
Peg deviation
-2 bps
Peg currency
USD
Launched
Primary use
—
Last snapshot
Fri, Sep 4 UTC
USDT is a US dollar stablecoin issued by Tether. It is the largest stablecoin in circulation, with roughly $183 billion of USD₮ market cap reported on Tether's own finance page and $183.62 billion of digital tokens issued recorded in the Q2 2026 attestation as of 30 June 2026.
Which entity issues it
"Tether" is not one company. The quarterly reserve attestations and the 2025 financial audit both name Tether International, S.A. de C.V. as the reporting entity. Registry data commonly lists the issuer as Tether Operations Limited. A reader checking a disclosure against a token should confirm which entity issued the tokens they hold.
What backs it
Backing is a mixed reserve. Tether states the majority of reserves sit in US government-backed instruments, alongside gold, secured loans and other assets.
Sources: Tether finance page (USD₮ and XAU₮ market cap), Tether Q2 2026 attestation announcement
Tether publishes two different kinds of document, and they carry different weight.
The quarterly attestation
The quarterly disclosure is an attestation prepared by BDO for Tether International, S.A. de C.V. The Q2 2026 report, as of 30 June 2026, states total assets of $187,751,426,411, total liabilities of $183,641,897,215, of which $183,622,105,630 relate to digital tokens issued, and assets exceeding liabilities by $4,109,529,196. Tether reported net operating profit of about $1.50 billion for the quarter, gold holdings above 146 tons after adding 14 tons, and a reduction in secured lending exposure of about $2.38 billion, or 15%.
The Q3 2025 attestation, published 31 October 2025 for figures as of 30 September 2025, reported $181.22 billion of reserves against $174.4 billion of circulating token liabilities, with roughly $135 billion in direct and indirect US Treasuries, $12.9 billion in gold and $9.9 billion in bitcoin.
The 2025 audit
On 13 August 2026 Tether announced that KPMG U.S. issued an unqualified audit opinion on the financial statements of Tether International, S.A. de C.V. for the year ended 31 December 2025, under US GAAP and AICPA standards, with reserves exceeding liabilities by $6.814 billion at that date.
What the disclosure leaves out
The attestations are point-in-time balance snapshots. The audit covers a calendar year that closed eight months before the current supply figure. Counterparty names for the repo, secured lending and custody positions are not published. The public transparency page asserts 1-to-1 backing without showing the underlying composition.
Sources: Tether Q2 2026 attestation announcement (BDO, as of 30 June 2026), Tether Q1-Q3 2025 attestation announcement (figures as of 30 September 2025), Tether announcement of KPMG U.S. unqualified audit opinion for FY2025, Tether transparency page
The reserve buffer
At 30 June 2026, assets exceeded liabilities by $4.11 billion against $183.62 billion of tokens issued, about 2.2%. That buffer fell from the $6.814 billion reported at 31 December 2025. A mark-down of a few percent on the reserve would consume it.
Assets that are not cash equivalents
The Q3 2025 attestation disclosed $12.9 billion in gold and $9.9 billion in bitcoin. Both are price-volatile and neither is redeemable at par on demand. Secured loans are also in the book, at about $2.38 billion less than the prior quarter after the Q2 2026 reduction.
Which entity owes the holder
The attestation and the audit report on Tether International, S.A. de C.V. A holder whose tokens are a liability of a different Tether entity is relying on a disclosure that does not name that entity.
Supply spread across chains
USDT is issued natively on many chains through separate contracts. Supply on one chain does not carry the reserve claim of another by itself, and a bridged or wrapped representation is a claim on the bridge.
Sources: Tether Q2 2026 attestation announcement, Tether Q1-Q3 2025 attestation announcement, Tether announcement of KPMG U.S. audit opinion for FY2025
The Global Stablecoin Map tracks USDT across eight chains: Ethereum, Tron, Solana, Avalanche, Polygon, Arbitrum, Optimism and BNB Smart Chain. Per-chain token supply is read from the contracts on those chains, so the map shows where the float sits chain by chain. The stablecoin explorer compares that read against every other coin tracked here.
Market price is tracked against the $1.00 peg from trading venues, independently of anything the issuer states about backing.
What the map cannot see
On-chain reads cannot verify the reserve. It sits off chain, in Treasuries, repo, gold, bitcoin and secured loans held by a corporate entity. The only evidence is the quarterly BDO attestation and the KPMG audit of the 2025 financial statements. Supply is verifiable on chain. Backing is not. The explainer sets out what backing actually means and how to check it.
Sources: Tether Q2 2026 attestation announcement (reserve composition is off chain), Tether transparency page
Tether. The quarterly reserve attestations and the audited 2025 financial statements name Tether International, S.A. de C.V. as the reporting entity, while registries commonly list Tether Operations Limited, so it is worth confirming which entity issued the tokens you hold.
Yes, as of 2026. Tether announced on 13 August 2026 that KPMG U.S. issued an unqualified audit opinion on the financial statements of Tether International, S.A. de C.V. for the year ended 31 December 2025. The quarterly reserve reports remain attestations prepared by BDO, not audits.
A mixed reserve. The Q3 2025 attestation reported roughly $135 billion in direct and indirect US Treasuries, $12.9 billion in gold and $9.9 billion in bitcoin, with secured loans and other assets making up the rest.
At 30 June 2026 Tether reported total assets of $187.75 billion against $183.64 billion of liabilities, an excess of $4.11 billion, or about 2.2% of the $183.62 billion of tokens issued.
0x9702230a…4df4a8c7Explorer ↗0x48065fbb…87483d5eExplorer ↗0xdAC17F95…3D831ec7Explorer ↗0x919c1c26…5769109cExplorer ↗Es9vMFrzaC…8BenwNYBExplorer ↗TR7NHqjeKQ…SzgjLj6tExplorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0x9702230a…4df4a8c7addToBlockedList(address), removeFromBlockedList(address) +1mint(address,uint256)eip1967-transparent0x48065fbb…87483d5eaddToBlockedList(address), removeFromBlockedList(address) +1mint(address,uint256)eip1967-transparent0xdac17f95…3d831ec7addBlackList(address), removeBlackList(address) +2paused()issue(uint256)Es9vMFrzaC…8BenwNYBfreezeAuthoritymintAuthorityNot read on Tron, kava. no RPC config.
Read from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.