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Tether’s flagship stablecoin, Tether (USDT), has reached a record circulating supply of $188 billion. The milestone, confirmed by Tether CEO Paolo Ardoino, marks a new all-time high (ATH) for the world’s largest stablecoin.
The latest supply figure builds on early March levels, when data placed Tether’s market cap at $184 billion, representing about 58% of the $315 billion stablecoin market at the time.
USDT’s supply expansion reflects rising demand for digital dollars, particularly in emerging markets where access to traditional banking remains limited. Ardoino has previously highlighted that more than 550 million users globally rely on USDT for payments and savings, positioning it as a “digital dollar designed for the masses.”
Stablecoins, cryptocurrencies typically pegged 1:1 to fiat currencies like the U.S. dollar, have become an increasingly core pillar of global digital finance. They act as a bridge between traditional money and blockchain-based systems.
Tether USDT supply bounced back despite earlier declines
Data from Tether and third-party sources show the company controlled about $187 billion in assets and posted more than $10 billion in profit in 2025. This provides it with a massive capital cushion that keeps the core of the ecosystem stable even when the rest of the market is tossing and turning. Tether also revealed USDT had about $192.9 billion in reserves and $6.3 billion in equity in its February quarterly update.
Nonetheless, USDT did experience a temporary dip earlier this year. Its supply had dropped by $1.5 billion in February. This is its biggest decline since the FTX collapse, following a $1.2 billion pullback in January. Though back then, Ardoino had argued that the declines were due to strategic reallocations rather than a broader move away from Tether, highlighting strong usage in places like Argentina. Now, its supply is at $188 billion.
In terms of distribution, Ardoino had also noted that USDT’s largest sender accounts for less than 5% of activity, far below the roughly 25% seen in some competing tokens. Meanwhile, the amount of USDT circulating on Tron has reached an all-time high of nearly $86.7 billion, indicating rising market liquidity and steady demand.
While stablecoins initially gained traction as liquidity tools for crypto exchanges, their use cases are rapidly expanding into real-world payments, remittances, and financial infrastructure.
How embedded are stablecoins in mainstream financial systems?
As stablecoin demand grows, DoorDash is developing a stablecoin-based payment infrastructure on Tempo to streamline payouts for merchants and Dashers across more than 40 countries.
Tempo, in a statement on Tuesday, asserted that it is building a system with DoorDash to support digital currency settlements across the dasher, merchant, and user ecosystems.
“There’s real promise with stablecoins transforming financial infrastructure, not just in America, but globally. We want to be proactive participants, not just passive ones. […] If we can get merchants and Dashers their money faster, and do that in a way that’s affordable for them, that’s a no-brainer for the entire ecosystem,” said DoorDash co-founder Andy Wang.
According to Tempo, the payment infrastructure will enable high-speed processing, near-instant payouts to merchants and Dashers with deterministic finality, stable, low fees, and isolated transaction lanes that maintain performance during traffic surges. The ISO 20022-compatible memo fields will also enable structured reconciliation processes for global treasury operations spanning multiple currencies and jurisdictions.
Before announcing the stablecoin project, DoorDash had already been seeing an increase in deliveries over the past few months. In its February update, it said it completed 903 million orders in Q4 2025, amounting to $29.7 billion in value, and is set to report Q1 2026 results on May 6.
Beyond DoorDash’s developments, Stripe agreed in 2024 to purchase Bridge, a stablecoin platform, for $1.1 billion. Meanwhile, traditional platforms, Mastercard and Visa, have both advanced into stablecoin infrastructure, with Mastercard purchasing BVNK for roughly $1.8 billion in March and Visa scaling its settlement platform in July.
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