Usdt
Live Tether market cap, peg deviation, mechanism, and per-chain supply distribution on Sharpe Terminal.
USDT launched in 2014 as the original fiat-backed stablecoin. Tether Limited holds reserves — primarily US Treasury bills — to back every USDT in circulation. The token is deployed on more than a dozen chains, with the largest balances on Tron and Ethereum, making it the dominant settlement medium for centralized exchanges and cross-border crypto flows.
Tether is currently deployed on 103 chains with the largest balance on Tron (45.2% of supply). Mechanism: Fiat-backed. Live circulating supply is $189.57B, with a 24h change of -0.05% and 30d change of 2.95%.
Tether's reserve composition has been disputed multiple times since 2017. Audits are now produced by BDO Italia rather than a Big Four firm. Regulatory risk is concentrated in the BVI and El Salvador, with NYAG settlements (2021) limiting US activity. Brief peg deviations have occurred during banking stress events (March 2023) and exchange runs but USDT has consistently restored peg within hours.