CEO Paolo Ardoino confirmed on X (formerly Twitter) that the latest USDT allocation is currently "authorized but not issued"—meaning the tokens have been minted at the protocol level but are not yet in circulation. These authorized tokens are typically held in Tether’s treasury and may be released in response to market liquidity needs or to execute blockchain swaps, reflecting the company's adaptive issuance strategy.

Weekly USDT market capitalization chart, June 2025Weekly USDT market capitalization chart, June 2025. TradingView.

As of publication, USDT’s market capitalization stands at approximately $155 billion, according to TradingView, representing a 62.14% share of the entire stablecoin sector by DeFiLlama estimates. Tether’s clear lead is underpinned by persistent global demand for stable digital dollars across centralized exchanges and DeFi protocols.

The ongoing expansion of USDT’s supply highlights both its integral role in crypto trading infrastructure and the broader trend toward dollar-denominated liquidity. This dynamic has fueled debate among industry analysts: notably, BitMEX co-founder Arthur Hayes recently argued that upcoming IPOs by stablecoin issuers could be “overvalued and ultimately doomed” due to restricted distribution channels—raising questions about long-term profitability despite explosive growth.

With stablecoin supply nearing historic highs and USDT’s dominance continuing to edge upward, Tether’s latest Ethereum authorization sets the stage for further market expansion, intensifying competition with rivals such as USDC and emergent asset-backed tokens. The company’s ability to rapidly scale supply in response to liquidity needs remains a key differentiator in a market where speed, trust, and compliance are increasingly paramount.