USDt is low-key running the world

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So, it turns out that Tether’s USDt has casually surpassed a market cap of $160 billion 🤑. I mean, who needs a “real” dollar when you have a digital one, am I right? 😂 According to Tether CEO Paolo Ardoino, this is a “new mind-blowing milestone” – and honestly, I’m inclined to agree.

Ardoino took to X (because who uses Twitter anymore?) to share the news, saying that USDt is basically the digital dollar for “billions of people living in emerging markets and developing countries.” No big deal. And with over 400 million people worldwide using USDt, it’s clear that this stablecoin is kind of a big deal 🤯.

But what’s really interesting is where all these USDt are living. Turns out, Tron is the winner, hosting a whopping $81 billion in USDt supply. Ethereum comes in second with a respectable $65 billion. And then there are the smaller players – BNB Chain, Solana, and Polygon – with a combined total of around $10 billion 🤑.

So, what’s backing all these USDt?

Well, according to Tether’s attestations, it’s mostly cash and US Treasurys 📈. Like, 81.5% of it. And then there’s a small chunk of Bitcoin (BTC) – around 5.1%. Because, you know, diversification is key 💸.

Tether’s also been raking it in, with over $1 billion in operating profit in Q1 🤑. And they’re not slowing down – they just minted another $1 billion in USDt, with over $4 billion in the past week alone 🚀.

But don’t worry, they’re not getting too comfortable. Tether’s announced that they’ll be stopping redemptions of USDt on five legacy blockchains, because who needs those old things anyway? 🚫

Stablecoins are taking over the world (kind of)

The stablecoin market is growing fast, and it’s not hard to see why. I mean, who needs traditional payment systems when you have fiat-pegged digital assets? 🤷‍♀️ In 2024, stablecoin transaction volumes even surpassed those of Visa and Mastercard combined 🤯.

And it’s not just the market that’s growing – regulatory clarity is also on the rise 📊. The GENIUS Act is leading the charge, with bipartisan support in the Senate Banking Committee and a passing vote in the Senate 🙌.

But, of course, it’s not all smooth sailing. The House of Representatives is being a bit of a party pooper, blocking a key procedural vote on Tuesday 🤦‍♀️. But hey, maybe they’ll come around 🤞.

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2025-07-17 17:37