Tether’s market cap surpasses $150B

Tether’s (USDT) market capitalization has surpassed $150 billion, solidifying its position as the leading digital dollar in the crypto space. According to the company, over $73 billion worth of USDT has been issued on the TRON blockchain — marking the first time TRON has overtaken Ethereum in terms of issuance volume.

TRON Overtakes Ethereum for USDT Volume

This trend highlights TRON’s popularity as a preferred platform for stablecoin transactions, largely due to its low fees and fast settlement times. The shift also reflects evolving user preferences in the digital asset landscape.

In Q1 2025, Tether reported an operational profit of over $1 billion. The company also disclosed that nearly $120 billion of its reserves are held in short-term U.S. Treasury securities, emphasizing its commitment to liquidity and stability.

Competition Rises, But the Lead Remains Strong

USDT’s closest competitor, Circle’s USDC, holds a market cap of approximately $60 billion. Other stablecoins — including USDS, USDe, and USD1 — have yet to break the $10 billion mark.

Earlier in April, Citigroup projected that the stablecoin market could grow to $3.7 trillion within five years. Standard Chartered offered a more conservative estimate of nearly $2 trillion by 2028.

Notably, in early May, the market capitalization of USD1 — a stablecoin affiliated with World Liberty Financial and linked to Donald Trump — surged to around $2.1 billion.