How is the price of Tether (USDT) calculated?
The price of Tether (USDT) is calculated in real-time by aggregating the latest data across 287 exchanges and 31535 markets, using a global volume-weighted average formula. Learn more about how crypto prices are calculated on CoinGecko.
| 1h | 24h | 7d | 14d | 30d | 1y |
|---|---|---|---|---|---|
| 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
|
Market Cap
Market Cap = Current Price x Circulating Supply
Refers to the total market value of a cryptocurrency’s circulating supply. It is similar to the stock market’s measurement of multiplying price per share by shares readily available in the market (not held & locked by insiders, governments) Read More |
$184,137,014,407 |
|---|---|
|
Market Cap / FDV
The proportion of current market capitalization compares to market capitalization when meeting max supply.
The closer the Mkt Cap/FDV to 1, the closer the current market capitalization to its fully diluted valuation and vice versa. Learn more about Mkt Cap/FDV here. |
0.97 |
|
Fully Diluted Valuation
Fully Diluted Valuation (FDV) = Current Price x Total Supply
Fully Diluted Valuation (FDV) is the theoretical market capitalization of a coin if the entirety of its supply is in circulation, based on its current market price. The FDV value is theoretical as increasing the circulating supply of a coin may impact its market price. Also depending on the tokenomics, emission schedule or lock-up period of a coin's supply, it may take a significant time before its entire supply is released into circulation. Learn more about FDV here. |
$189,603,524,803 |
|
24 Hour Trading Vol
A measure of a cryptocurrency trading volume across all tracked platforms in the last 24 hours. This is tracked on a rolling 24-hour basis with no open/closing times.
Read More |
$54,825,796,544 |
|
Circulating Supply
The amount of coins that are circulating in the market and are tradeable by the public. It is comparable to looking at shares readily available in the market (not held & locked by insiders, governments).
Read More |
184,151,480,311
|
|
Total Supply
The amount of coins that have already been created, minus any coins that have been burned (removed from circulation). It is comparable to outstanding shares in the stock market.
Total Supply = Onchain supply - burned tokens |
189,618,420,160 |
|
Max Supply
The maximum number of coins coded to exist in the lifetime of the cryptocurrency. It is comparable to the maximum number of issuable shares in the stock market.
Max Supply = Theoretical maximum as coded |
∞ |
| 24h Range | $0.9995 – $0.9999 |
|---|---|
| 7d Range | $0.9990 – $1.00000 |
| All-Time High |
$1.32 24.4%
Jul 24, 2018 (over 7 years)
|
| All-Time Low |
$0.5725 74.6%
Mar 02, 2015 (about 11 years)
|
Tether (USDT) is a cryptocurrency stablecoin pegged to the US dollar, designed to maintain a stable value of $1 and serve as a digital representation of USD on the blockchain.
USDT claims to be fully backed by reserves including US Treasury Bills, cash equivalents, and other assets held by Tether Limited.
It is the largest stablecoin by market capitalization and the most widely used trading pair in crypto markets.
USDT is natively available across 10 different blockchain networks, with broader availability through bridges and wrapped versions on 16+ chains.
Tether addresses the need for price stability in the volatile cryptocurrency market by providing an on-chain token (USDT) pegged 1:1 to the US dollar. Users can store, transfer, and transact value on the blockchain without exposure to the dramatic price fluctuations typical of cryptocurrencies like BTC and ETH.
The stablecoin serves as a bridge between traditional finance and digital assets, enabling users to keep capital on-chain while avoiding market volatility. For users in emerging markets facing currency instability or limited banking access, USDT also offers a way to hold stable, dollar-denominated value and participate in the global digital economy.
The redemption mechanism allows holders to exchange USDT for underlying fiat currency, though this requires account verification and minimum thresholds of $100,000; however most users exchange USDT to fiat through centralized exchanges instead of directly through Tether.
Market dominance and liquidity: USDT maintains the largest market capitalization among all stablecoins at $113B and serves as the most popular trading pair across centralized and decentralized exchanges, providing unmatched liquidity.
Multi-chain availability: Originally launched on Bitcoin's Omni Layer in 2014, USDT now operates natively on 10 major blockchains including Ethereum, Solana, and Tron, with additional bridged versions available across 80+ networks.
Reserve composition: Tether's reserves include US Treasury Bills, cash equivalents, corporate bonds, secured loans, precious metals, and Bitcoin, representing a more diversified approach.
Longevity and track record: As one of the first stablecoins launched in 2014, USDT has maintained its peg for nearly 10 years despite multiple market crises, including the 2022 crypto collapse where it successfully processed $15B in redemptions (20% of supply).
Global adoption beyond crypto: USDT has become a legitimate payment method in countries experiencing hyperinflation, functioning as a universal dollar-denominated instrument that transcends borders.
Trading and exchange: USDT is the primary trading pair against thousands of cryptocurrencies on both centralized and decentralized exchanges.
Value transfer: USDT allows users to send money quickly and cheaply across borders without relying on traditional banking systems; particularly benefitting residents of regions with limited financial infrastructure.
Collateral in DeFi: USDT is widely accepted as collateral, and can be deposited on lending platforms to create leveraged positions or access loans while maintaining stable value.
Yield generation: USDT can be staked in liquidity pools, lending protocols, or centralized exchange Earn products to generate passive income through interest payments.
Merchant payments: Users can make real-world purchases directly with USDT at merchants who accept cryptocurrency payments.
Store of value: Traders can swap to a stable, dollar-pegged asset on-chain during periods of market volatility without converting back to fiat currency.
Tether operates as a fiat-backed stablecoin that maintains its $1 peg through full collateralization. Every USDT token is backed 100% by Tether's reserves, which consist primarily of US Treasury Bills and cash equivalents, along with smaller allocations to corporate bonds, secured loans, precious metals, and Bitcoin. The company publishes quarterly reserve reports audited by third-party auditors and updates circulating supply data daily on its Transparency page.
USDT exists as digital tokens built on 10 leading blockchains including Ethereum (ERC-20), Solana (SPL), and Tron (TRC-20). When users purchase USDT, Tether issues new tokens backed by equivalent reserve assets. When users redeem USDT for fiat currency, the corresponding tokens are destroyed, reducing the circulating supply. This issuance and redemption mechanism helps maintain the stablecoin's peg to the US dollar.
As a centralized stablecoin, Tether Limited can freeze USDT tokens in specific wallets upon request from law enforcement or government authorities, enabling regulatory compliance while contrasting with cryptocurrency's censorship-resistant principles.
Tether Limited, incorporated in the British Virgin Islands, is the issuing entity behind USDT and the broader Tether ecosystem. The company shares close ties with cryptocurrency exchange Bitfinex, with both previously operating under parent company iFinex. In April 2024, Tether restructured into four divisions: Tether Data, Tether Finance, Tether Power, and Tether Edu, reflecting its expansion beyond stablecoin issuance.
Tether's reserves are custodied by Cantor Fitzgerald and include more than $5B in Bitcoin holdings as of the latest attestation report. The company has made strategic moves into Bitcoin mining, allocating up to $500M to become one of the world's largest miners, and commits up to 15% of quarterly profits to purchasing Bitcoin as part of its diversification strategy away from cash-based assets.
Tether was co-founded in 2014 by Brock Pierce, Reeve Collins, and Craig Sellars, who originally launched the project as Realcoin before rebranding. Pierce is a prominent crypto entrepreneur who co-founded Blockchain Capital and served as director of the Bitcoin Foundation, while Sellars was a member of the Omni Foundation, which provided the technological foundation for Tether's creation.
Paolo Ardoino was appointed CEO in October 2023, having previously served as CTO. Under his leadership, Tether has accelerated its Bitcoin mining operations and broader ecosystem expansion initiatives, positioning the company as more than just a stablecoin issuer in the digital assets space.
Beyond USDT, Tether has expanded into a comprehensive ecosystem of stablecoins, commodity-backed tokens, and blockchain infrastructure to serve diverse global markets.
Fiat-Backed Stablecoins
EURT (Euro Tether) - Pegged 1:1 to the Euro, providing users with stable exposure to the European currency for cross-border payments and trading across multiple blockchain networks.
MXNT (Mexican Peso Tether) - Launched in May 2022 and pegged to the Mexican peso, MXNT marks Tether's expansion into Latin America and is available on Ethereum, Polygon, and Tron blockchains.
CNHT (Chinese Yuan Tether) - Pegged to offshore Chinese yuan (CNH), initially launched as an ERC-20 token on Ethereum to facilitate digital use of yuan in international markets.
AEDT (UAE Dirham Tether) - Announced in August 2024 in partnership with Phoenix Group PLC, this dirham-pegged stablecoin is backed by liquid UAE-based reserves and will be the first to seek licensing under the UAE Central Bank's Payment Token Services Regulation.
Commodity-Backed Tokens
XAUT (Tether Gold) - Each token represents ownership of one troy ounce of physical gold held in secure vaults, allowing users to gain gold exposure without the complexities of physical ownership and storage.
Alloy by Tether - A US dollar-pegged stablecoin that uses over-collateralization with Tether Gold (XAUT) as backing, enabling holders to access dollar liquidity for daily payments while maintaining gold exposure through an innovative dual-asset mechanism.
Blockchain Infrastructure
Plasma - A high-performance Layer 1 blockchain purpose-built for stablecoins, backed by Tether and Bitfinex. Plasma delivers near-instant, fee-free payments with institutional-grade security and EVM compatibility, designed specifically for stablecoin applications and featuring over 1,000 transactions per second with sub-1-second finality.
USDT tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Tether is Binance, where the most active trading pair BTC/USDT has a trading volume of $1,261,099,164.15 in the last 24 hours. Other popular options include Gate and OKX.
The trading volume of Tether (USDT) is $54,695,605,819.01 in the last 24 hours, representing a 72.80% increase from one day ago and signalling a recent rise in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.
Tether (USDT) reached an all-time high of $1.32 and an all-time low of $0.5725. It’s now trading -24.40% below that peak and 74.60% above its lowest price.
Market capitalization of Tether (USDT) is $184,137,014,407 and is ranked #3 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of USDT tokens (180 Billion tokens are tradable on the market today).
The fully diluted valuation (FDV) of Tether (USDT) is $189,603,524,803. This is a statistical representation of the maximum market cap, assuming total number of 190 Billion ETH tokens are in circulation today.
With a price increase of 0.10% in the last 7 days, Tether (USDT) is underperforming the global cryptocurrency market which is up 3.70%, while underperforming when compared to similar Stablecoins cryptocurrencies which are up 0.50%.
Adding Tether (USDT) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import USDT as a token. You can copy USDT’s contract address (0xdac17f958d2ee523a2206206994597c13d831ec7) and import it manually, or if you've installed MetaMask's chrome extension, add USDT to MetaMask with one click on CoinGecko.
Add USDT to MetaMask.
| # | Exchange | Pair | Price | Spread | +2% Depth | -2% Depth | 24h Volume | Volume % | Last Updated | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 |
CEX
|
$69,844.16 | 0.01% | $20,518,699 | $15,968,738 | $1,248,760,262 | 2.3% |
Recently
|
||
| 2 |
CEX
|
$69,835.79 | 0.01% | $8,600,449 | $5,899,647 | $592,437,603 | 1.09% |
Recently
|
||
| 3 |
CEX
|
$69,837.75 | 0.01% | $15,885,068 | $8,988,360 | $409,786,465 | 0.75% |
Recently
|
||
| 4 |
CEX
|
$69,868.59 | 0.01% | $6,597,185 | $4,094,418 | $555,496,848 | 1.02% |
Recently
|
||
| 5 |
CEX
|
$0.9999 | 0.02% | $218,070,281 | $199,142,385 | $917,829,759 | 1.69% |
Recently
|
||
| 6 |
CEX
|
$69,854.53 | 0.01% | $6,200,183 | $2,247,012 | $115,249,766 | 0.21% |
Recently
|
||
| 7 |
CEX
|
$69,833.89 | 0.01% | $16,636,383 | $13,596,944 | $235,831,418 | 0.43% |
Recently
|
||
| 8 |
CEX
|
$2,156.71 | 0.01% | $5,109,570 | $5,623,456 | $313,729,289 | 0.58% |
Recently
|
||
| 10 |
CEX
|
$69,846.34 | 0.01% | $23,833,671 | $16,413,271 | $524,228,398 | 0.96% |
Recently
|
||
| 11 |
CEX
|
$2,156.19 | 0.01% | $10,006,276 | $3,946,002 | $248,992,099 | 0.46% |
Recently
|
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Base Mainnet
BNB Smart Chain
Arbitrum
Avalanche
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Flare
Gnosis
Linea
Optimism
Polygon
Polygon zkEVM
Scroll
Stellar
Story
Syscoin
Telos
X Layer
Xai
