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- Tether minted $1B USDT on Tron, while Circle added $250M USDC on Solana, highlighting growing stablecoin adoption.
- USDT supply surpassed $140B, with major holdings on Ethereum ($76.9B) and Tron ($61.7B), reinforcing its leading position.
- Tether is working with U.S. lawmakers on stablecoin regulations, including the proposed STABLE Act, which may require monthly audits.
Tether, the world’s largest issuer of stablecoins, has minted an additional $1 billion worth of USDT on the Tron network within the past 11 hours. Concurrently, the issuer of USDC, Circle, printed $250 million USDC onto the Solana block space, cementing the rising demand for stable virtual assets.
According to data from Spot On Chain, Tether has printed a staggering 3 billion USDT on the Tron network from the start of the year 2025. Meanwhile, Circle has stepped up its printing, printing 7.75 billion USDC on Solana over the same timeline. This surge indicates the increased adoption of stablecoins by various blockchain ecosystems.
Tether’s latest issuance has increased its overall USDT balance to over $140 billion, with Ethereum ($76.9 billion) and Tron ($61.7 billion) holding the majority. Tether also reported that the company had over $134 billion worth of outstanding USDT during November 2024.
Paolo Ardoino, CEO of Tether, clarified that the newly minted USDT was an inventory replenishment, stating:
“PSA: 1B USDt inventory replenish on Tron Network. Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”
Tether’s Financial Strength and Growing Influence
Tether’s quarterly financial report for the year ended Q4 2024 reported a staggering profit of $13.7 billion, including about $6 billion for the fourth quarter alone. The firm also reported accumulating $113 billion worth of direct and indirect holdings, cementing its hold as the financial behemoth of the crypto space.
In Q4 2024, Tether issued $23 billion USDT, bringing the year’s total stablecoin print to $45 billion. This is close to the market capitalization of the second-largest stablecoin, solidifying Tether’s market supremacy even further. Tether also reported that its global USDT base topped the 400 million mark, mostly in emerging economies and developing markets.
Tether also disclosed that it held $7 billion in excess stablecoin reserves in 2024, marking a 36% increase year-over-year. The company’s proprietary equity surged beyond $20 billion, reinforcing its financial robustness.
Blockchain data revealed Circle resumed USDC printing on Solana after stopping for seven days, the largest interruption in its print cycle to date. Circle printed $6 billion USDC alone for January, followed by $1.5 billion for February. SpotOnChain reported Circle’s ongoing $250 million batch printing habit is all part of its bigger campaign to meet market demand and expand the utility of the stablecoin.
Tether Faces US Scrutiny as Stablecoin Rules Emerge
As the financial market incorporates more stablecoins, regulatory enforcement is gathering momentum. Fox Business reporter Eleanor Terrett reported Tether is working with U.S. legislatures to influence regulations for fiat-backed cryptocurrencies. Even being the largest issuer of stablecoins, Tether has never had its books audited in its entirety; instead, it publishes quarterly reports by global accounting firm BDO.
Terrett also revealed Tether has about 60% of the $230 billion market for stablecoins and is the largest holder of U.S. government bonds, holding over $114 billion worth of short-term U.S. Treasury bills in its vault.
The Congress is debating legislation to regulate stablecoin. Congressman Bryan Steil has confirmed that Tether contributed to writing the STABLE Act, the regulatory bill by Steil and Congressman French Hill. Under the draft legislation, Tether will be required to have monthly accounting done by a U.S.-based accounting firm and maintain one-to-one reserves collateralized by regulator-approved collateral.
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