24h Change-0.012%
All Time HighJul 24, 2018$1.32
All Time LowMar 2, 2015$0.57
Market Cap$186.108b
Fully Diluted Valuation$191.568b
Circ. Supply186.335b USDT
CEX Volume$12.88b
DEX Volume$5.458b
How much debt can be issued against USDT as collateral across lending protocols.
Maximum possible exposure to USDT
$1.093b
$839.25m (max additional borrows against USDT) + $253.84m (bad debt if USDT was hacked now)
Aave V3
$612.79m at-risk exposure = $108.52m bad debt if hacked + $504.28m additional borrowable against USDT
Venus Core Pool
$354.33m at-risk exposure = $33.58m bad debt if hacked + $320.76m additional borrowable against USDT
Compound V3
$9.9m at-risk exposure = $2.31 bad debt if hacked + $9.9m additional borrowable against USDT
Euler V2
$4.4m at-risk exposure = $156,596 bad debt if hacked + $4.24m additional borrowable against USDT
Lista Lending
$1.19m at-risk exposure = $1.11m bad debt if hacked + $76,857 additional borrowable against USDT
Morpho V1
$106.98m at-risk exposure = $106.98m bad debt if hacked + $1 additional borrowable against USDT
Maple
$3.5m at-risk exposure = $3.5m bad debt if hacked + $0 additional borrowable against USDT
SparkLend
$1.97 at-risk exposure = $1.97 bad debt if hacked + $0 additional borrowable against USDT
Showing collateral exposure for USDT on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for USDT as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
USDT0xdac17f958d2ee523a2206206994597c13d831ec7 | $469.7m | $108.52m | ||
USDT0x55d398326f99059ff775485246999027b3197955 | $320.76m | $33.58m | ||
USDT0x9702230a8ea53601f5cd2dc00fdbc13d4df4a8c7 | $22.1m | — | ||
USDT0xdac17f958d2ee523a2206206994597c13d831ec7 | $9.73m | $2.04 | ||
USDT0x55d398326f99059ff775485246999027b3197955 | $8.36m | — | ||
USDT0xdac17f958d2ee523a2206206994597c13d831ec7 | $4.17m | $156,596 | ||
USDT0x94b008aa00579c1307b0ef2c499ad98a8ce58e58 | $4.11m | — | ||
USDT0x94b008aa00579c1307b0ef2c499ad98a8ce58e58 | $168,274 | $0.27 | ||
USDT0x55d398326f99059ff775485246999027b3197955 | $76,857 | $1.11m | ||
USDT0xa219439258ca9da29e9cc4ce5596924745e12b93 | $69,003 | — |
Risk-management actions published about USDT by tracked risk managers and governance contributors, newest first.
To support the launch of spUSDT on Arbitrum, the protocol is enabling a rate-limited bridge to move its own USDT from Ethereum. This creates a liquidity buffer on Arbitrum to ensure instant withdrawals for spUSDT holders.
Spark is deploying its USDT savings vault (spUSDT) on Arbitrum to meet user demand and diversify its depositor base. Risk is considered low as most deposited USDT will be bridged back to Ethereum, leaving only a small liquidity buffer on Arbitrum.
The current interest rate model causes the protocol to lose money (deplete reserves) at typical utilization levels. This proposal raises the base borrow rate to ensure the protocol earns a positive spread, improving its financial health and reducing reliance on liquidation revenue.
Proposed for inclusion in the new Aave V4 deployment on Avalanche, which is seen as a low-risk expansion due to the network's proven track record and existing Aave V3 user base.
Spark is integrating with Binance to facilitate large-scale swaps between USDC and USDT, leveraging Binance's deep liquidity. This introduces Binance as a new counterparty, with exposure limited by a $5M per-transaction cap and automated controls.
The Compound DAO is seeking professional managers to deploy its treasury reserves, including this asset, into active yield strategies. This initiative aims to move idle capital into more productive, risk-managed investments to generate higher returns for the DAO.
The Reserve Factor was increased, meaning the protocol will retain a larger share of interest paid by borrowers. This action reduces the yield for lenders of this asset.
Swap rate limits on Uniswap v4 are being increased. This provides more venue options for trading with USDS, aiming for better price execution for the protocol.
The current USDT Morpho vault is being replaced with an equivalent version to enable listing on the Morpho frontend, re-enabling deposits previously capped at zero. This allows initial deposits up to 100 million USDT, scaling by 1 billion per day, to boost liquidity provision without altering core vault configurations like pools, supply caps, or timelocks.
A recent risk event in Aave Core has prompted Spark to cease future allocations to Aave Core USDT, offboarding the integration by setting deposit and withdrawal limits to zero as a mitigation measure.
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Showing 10 of 1243 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabTSTON-USD₮ | 🪂 | $7.39m | 4317% | 4317% | 1332% | ||||
| open in new tabWETH-USDTCL - 10 | 🪂 | $275,371 | 20454% | 0% | 20454% | 24306% | |||
| open in new tabUSDT-ARX0.3% | $180,816 | 6231% | 6231% | 6762% | |||||
| open in new tabWBTC-USDTCL - 10 | 🪂 | $89,982 | 3826% | 0% | 3826% | 20609% | |||
| open in new tabUSDT-ARX1% | $70,560 | 2854% | 2854% | 3070% | |||||
| open in new tabUSDT-XCX1% | $63,232 | 2613% | 2613% | 1554% | |||||
| open in new tabUSDC-USDT | $61,907 | 11660% | 11660% | 20210% | |||||
| open in new tab$SUP-USDT1% | $44,919 | 2821% | 2821% | 931% | |||||
| open in new tabSWCH-USDTQuickSwap | 💸 | $27,757 | 2778% | 2778% | 2778% | ||||
| open in new tabUSDT-TIMI1% | $24,121 | 4862% | 4862% | 406% |
Showing 10 of 12600 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDT ➞ WBTC | $5.99m | 20.07% | 19.99% | 0.10% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ WETH | $2.89m | 20.07% | 19.99% | 0.10% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ CDCBTC | $2.04m | 20.10% | 19.99% | 0.13% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ CDCETH | $688,391 | 20.39% | 19.99% | 0.47% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ WBTC.E | $11,989 | 21.38% | 19.99% | 1.64% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ USDCX | $8,477 | 27.21% | 19.99% | 8.50% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ MOVE | $6,430 | 31.68% | 19.99% | 13.76% | 85% | $119,804 | $116,595 | ||
| open in new tabUSDT ➞ MOVE | $6,430 | 22.62% | 10.23% | 13.76% | 90% | $33,617 | $21,739 | ||
| open in new tabUSDT ➞ MOVE | $6,430 | 20.20% | 9.88% | 13.76% | 75% | $776,588 | $646,638 | ||
| open in new tabUSDT ➞ USDC | $0 | 19.99% | 19.99% | 0% | 85% | $119,804 | $116,595 |
