Tether USD stablecoin supply inches close to 100 billion

USDT, the world’s largest stablecoin, drew close to 100 billion in circulating supply on Monday. The dollar-pegged stablecoin’s supply currently sits at its all-time high range of around 99.5 billion, according to The Block’s Price Page .

Its market capitalization, which multiplies supply by price, breached $100 billion at one stage as its value fluctuated. Tether claims on its website that all USDT tokens are pegged at a 1:1 ratio with the U.S. dollar.

Tether supply has grown alongside the rise of bitcoin and the general cryptocurrency market this year, led by major events such as the launch of spot bitcoin ETFs in the U.S. The dollar-pegged stablecoin had a $91.69 billion market capitalization on Jan. 1, according to CoinMarketCap data. 

With the growth, Tether has further distanced itself from Circle’s runner-up stablecoin USDC , which has a circulation supply of 28.9 billion, according to The Block data. 

Tether reached a record net profit of $2.9 billion in the fourth quarter of last year, with much of the profit coming from the appreciation of the company’s U.S. Treasuries, bitcoin and gold holdings, according to its attestation report.