Tether, the leading issuer of stablecoins in the world, recently minted an additional $2 billion USDT on the Ethereum blockchain on July 16. Paolo Ardoino, the CEO of Tether, confirmed this minting through a post on X, stating that the new USDT tokens were meant for inventory replenishment on the Ethereum blockchain. These funds are intended for future issuance and blockchain swaps rather than immediate circulation.
Out of the newly minted supply, $1 billion was transferred directly to Binance, the largest global cryptocurrency exchange by trading volume. This transaction indicates a surge in trading activity across various crypto markets, particularly following Bitcoin’s recent all-time high surpassing $120,000.
USDT plays a crucial role in the cryptocurrency ecosystem by providing liquidity and trading stability on both centralized and decentralized platforms. Tether has issued a staggering $4.4 billion in USDT in the past month alone, underscoring its significance in the digital asset landscape.
The recent minting spree has propelled Tether’s total market capitalization to an unprecedented high exceeding $160 billion. Ardoino hailed this milestone as a testament to the real-world utility of USDT, particularly in emerging and developing markets. He emphasized that USDT serves as the digital dollar for billions of individuals around the globe.
Tether has issued over $74 billion in USDT on the Ethereum blockchain and $81 billion on Tron. Additionally, the company has established a presence on other blockchain networks, including $2 billion on Solana, $530 million on TON, and $480 million on Avalanche. Tether reassured the community that all issued tokens are fully backed.
In the second quarter of 2025, Tether disclosed holding more than $127 billion in exposure to US Treasurys, encompassing direct holdings, indirect exposure via money market funds, and reverse repo agreements. This substantial amount positions Tether as the 18th-largest holder of US government debt if it were considered a country.
The continuous growth and adoption of Tether’s USDT highlight its significance in the digital asset space, serving as a stable and reliable medium of exchange for users worldwide.