Tether (USDT), the world’s largest stablecoin, has approached a circulating supply of nearly $100 billion, marking an all-time high range of around 99.5 billion, according to data from The Block’s Price Page. The stablecoin’s market capitalization exceeded $100 billion as its value fluctuated, with Tether claiming all USDT tokens are pegged at a 1:1 ratio with the U.S. dollar. Including minted and authorized tokens, the total USDT supply stood at 104 billion as of Monday. Tether’s growth parallels that of Bitcoin and the broader cryptocurrency market, particularly influenced by the launch of spot Bitcoin ETFs in the U.S. This surge in supply has widened the gap between Tether and its closest competitor, Circle’s USDC stablecoin, which has a circulation supply of 28.9 billion. Tether reported a record net profit of $2.9 billion in the fourth quarter of the previous year, primarily driven by the appreciation of its U.S. Treasuries, Bitcoin, and gold holdings, as per its attestation report.

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