Tether
On-chain AUM$186.472b
Platform totals
Live assets7
Chains118
Est. annual revenue$0
DeFi TVL$6.365b
DeFi TVL / AUM3.41%
Confirmed attestations6 / 7
Primary accessPermissionless (7)
Totals for filtered assets
7
$186.472b
$186.475b
$6.365b
4
Assets Rankings
| Name | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|
| Tether7 assets | $186.472b | $186.475b | -0.09% | $6.365b | 3.41% | -3.01% | ||
About Tether
Tether is the largest stablecoin provider, issuing USDT as a fiat-backed digital token representing US dollar reserves. It enables fast, borderless transfers with blockchain settlement while maintaining 1:1 collateralization.
Profile
- Founded
- 2014
- Headquarters
- El Salvador
- Primary chain
- Ethereum
- Parent platform
- Tether
- Issuer
- Tether Limited
Economics & revenue
Holder total fee0 bps
Asset manager take0 bps
Tokenization platform take0 bps
Mint fee10 bps
Redemption fee10 bps
Float incomeYes
Revenue confidenceIssuer-Disclosed
Fees last verified2026-07-02
Attestations & milestones
- Attestation frequency
- Quarterly
- Last attestation
- Quarterly (BDO Italia attestation)
- 2026-01USAT launches as a GENIUS Act federally regulated stablecoin issued by Anchorage Digital Bank
- 2025-09USAT unveiled with Bo Hines named CEO of Tether USAT
- 2025-01group HQ relocation to El Salvador completed after DASP license
- 2024-1010 years of USDT with over 350 million users
- 2023-12Paolo Ardoino becomes CEO
Revenue methodology & documents
Revenue model: Float Income
Take-rate basis: Float income on reserves
Revenue mix: Interest on about 141B in US Treasury exposure (about 117B direct T-bills plus about 24B repo, per the 2026-03-31 attestation) plus gold (about 20B) and BTC (about 7B) mark-to-market gains. Mint and redeem fees are immaterial. FY2025 net profit exceeded 10B. Q1 2026 profit was 1.04B. Excess reserves 8.23B.
Verification method: Fee schedule fetched from tether.to/en/fees on 2026-07-02. Profit and reserve figures from the BDO-attested Q1 2026 report via tether.io press release.
Chain/share-class variants: A 100000 minimum applies to mint and redemption. A 150 one-time verification fee applies. XAUt has a separate fee schedule at gold.tether.to. There are no per-chain differences.
Tether earns float income on reserves backing its stablecoins — primarily short-duration US Treasuries (~$80B+), reverse repos, and bank deposits. In 2024 Tether reported ~$13B in profits, making it one of the most profitable financial firms per employee in the world. No fees charged at the token-holder level; mint/redeem fees apply at the institutional-customer level for whitelisted treasury operations.
Issuer registry, regulation & leadership
Founders and leadership
Paolo Ardoino — CEO since December 2023
Issuer registry
Tether Holdings Ltd. (BVI). Issuer of USDT (largest stablecoin by market cap, $130B+), USDt0 (Solana/TON), XAUT (gold-backed), and EURT. Operates via Bitfinex affiliate group. Quarterly attestations by BDO Italia. CEO Paolo Ardoino.
Regulatory status
Licensed as a Digital Asset Service Provider and stablecoin issuer in El Salvador, where the group relocated in January 2025, operating through Tether Operations S.A. de C.V. USDT holds no US federal license. The US market token USAT launched in January 2026 under the GENIUS Act, issued by Anchorage Digital Bank N.A. with Cantor Fitzgerald as reserve custodian.
Entity structure
Tether Operations S.A. de C.V. in El Salvador is the operating company for USDT following the 2025 relocation. The US token USAT sits outside this structure and is issued by Anchorage Digital Bank N.A. with Tether providing Hadron technology and distribution. Non stablecoin divisions include Power, Data, Edu, and Evo.