Stablecoin supply, Tether
The line "liabilities relating to digital tokens issued" in Tether's quarterly consolidated reserves report, attested by BDO, taken at each quarter end and measured at par as tokens issued and not redeemed.
View as table
| Period | Stablecoin supply, Tether | Note |
|---|---|---|
| 2024-12-31 | $136,613,782,874 | Liabilities relating to issued digital tokens, per the BDO attestation for the quarter. |
| 2025-03-31 | $143,678,070,758 | |
| 2025-06-30 | $157,100,255,857 | |
| 2025-09-30 | $174,356,634,812 | |
| 2025-12-31 | $186,450,610,920 | |
| 2026-03-31 | $183,438,487,810 | First quarter-on-quarter decline in the series, of about $3.0bn. |
| 2026-06-30 | $183,622,105,630 | Total liabilities in the Q2 2026 attestation examined by BDO, as of 30 June 2026 and published 31 July, against $183,438,487,810 at 31 March. Total assets were $187,751,426,411 and excess reserves $4,109,529,196. |
Refresh
This series has no endpoint reachable from the page, so the figure shows the value as of the last build. It is not labelled live and the timestamp is the build timestamp. Cadence: quarterly.
Treated as stale after 150 days without a new observation. Past that point the figure keeps the last verified number and carries a badge; it does not hide it and does not substitute an estimate.
Scope
It is a consolidated figure across the issuing companies, so it includes Tether's euro, peso and gold-referenced tokens as well as USDT; it therefore differs from third-party market-capitalisation estimates of USDT alone, which DefiLlama put at $184.02bn on 25 July 2026. It excludes Tether's equity and any excess reserve buffer, which are reported separately.
Observations
Every observation held for this series, in the order the source published them, exactly as published by Tether.
| Period | Value (USD) | Note |
|---|---|---|
| 2024-12-31 | $136,613,782,874 | Liabilities relating to issued digital tokens, per the BDO attestation for the quarter. |
| 2025-03-31 | $143,678,070,758 | |
| 2025-06-30 | $157,100,255,857 | |
| 2025-09-30 | $174,356,634,812 | |
| 2025-12-31 | $186,450,610,920 | |
| 2026-03-31 | $183,438,487,810 | First quarter-on-quarter decline in the series, of about $3.0bn. |
| 2026-06-30 | $183,622,105,630 | Total liabilities in the Q2 2026 attestation examined by BDO, as of 30 June 2026 and published 31 July, against $183,438,487,810 at 31 March. Total assets were $187,751,426,411 and excess reserves $4,109,529,196. |