USD-pegged · fiat-backed · #1 by USD value
Tether (USDT) is a USD-pegged fiat-backed stablecoin, backed by cash & t-bills. It currently ranks #1 among tracked stablecoins by circulating supply, and is deployed across 130 blockchains. Data is updated daily at 00:00 UTC from DefiLlama.
| Chain | Share | Supply |
|---|---|---|
| Tron | 48.7% | $89.64B |
| Ethereum | 41.0% | $75.48B |
| BSC | 5.0% | $9.17B |
| Solana | 1.8% | $3.38B |
| Arbitrum | 0.5% | $890.2M |
| Aptos | 0.5% | $886.1M |
| Polygon | 0.5% | $862.3M |
| Plasma | 0.4% | $735.5M |
| TON | 0.4% | $670.1M |
| Mantle | 0.2% | $406.1M |
| Avalanche | 0.2% | $332.2M |
| Kaia | 0.1% | $218.4M |
Tether (USDT) is a USD-pegged stablecoin backed by cash & t-bills. Its peg mechanism is fiat-backed, and it currently ranks #1 among tracked stablecoins by circulating supply.
USDT has a circulating supply of $183.92B (USD equivalent). Data updates daily at 00:00 UTC from DefiLlama.
USDT is backed by Cash & T-bills. This means holders' claims are collateralized in that form, with reserves reported by the issuer.
USDT is deployed across 130 blockchains, with Tron holding the largest share of supply. See the Chain Distribution section on this page for the full breakdown.
USDT shares a USD peg with USDT and USDC — the market's two largest stablecoins — but differs in issuer, backing composition, and typical use cases. USDT and USDC together account for the majority of USD stablecoin supply; USDT ranks #1.
| Full Name | Tether |
| Symbol | USDT |
| Peg | USD |
| Peg Mechanism | fiat-backed |
| Backing | Cash & T-bills |
| Chains Deployed | 130 |
| CoinGecko | View on CoinGecko → |
| Data Source | DefiLlama → |
| Last Updated | 2026-07-27 · refreshes daily 00:00 UTC |