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Tether USDT
Rank #3$0.998746▲ +0.00%(24h)▼ +0.07%(7d)
24h Low $0.99869124h High $0.998831
Market Cap
$189.4B
24h Volume
$39.88B
Circulating
189.63B USDT
All-Time High
$1.32
▼ +24.51% from ATH
Tether Price Chart
Key Metrics
Market Cap
$189.4B
Volume (24h)
$39.88B
Circulating Supply
189.63B USDT
Max Supply
N/A
Tether Converter
Tether Converter
USDT
$USD
1 USDT = $1.00
Tether Historical Data
| All-Time High | $1.32 (July 24, 2018) |
| All-Time Low | $0.572521 (March 2, 2015) |
Where to Buy Tether
About Tether (USDT)
What is Tether?
Tether (USDT) is the largest stablecoin in cryptocurrency. Each USDT is designed to trade at $1, backed by reserves held by Tether Limited, the Hong Kong-based issuer behind the token. Tether launched in 2014 (originally as Realcoin on the Bitcoin Omni Layer) and has grown to become the dominant settlement asset on global crypto exchanges.
USDT is not a cryptocurrency in the same sense as Bitcoin or Ethereum. It is a centrally issued IOU. When you hold USDT, you hold a claim against Tether Limited, redeemable for one US dollar. The token circulates across multiple blockchains, with most supply on Tron and Ethereum.
Tether price today
The Tether price targets $1 by design. Live data on this page is aggregated from a multi-venue market feed and refreshes every 60 seconds. Small deviations from the peg are normal and reflect arbitrage spread, exchange-specific demand, and short-term liquidity conditions.
What moves USDT around its peg:
- Issuance and redemption flows. When demand for stablecoin exposure rises, Tether mints new USDT against incoming USD deposits. When demand falls, redemptions burn USDT.
- Exchange demand. Some exchanges price entirely in USDT pairs. Sustained buying pressure can push USDT slightly above $1 on those venues.
- Reserve concerns. Periodic reports about Tether’s reserve composition can drive temporary discounts. The asset usually returns to peg within hours.
- Stablecoin rotation. Capital flows between USDT, USDC, DAI, and other stablecoins shift the relative balances.
The numbers in the price card above are live. Most of the analysis in stablecoins is not about price but about reserves and counterparty risk.
Tether reserves and how the peg is maintained
Tether holds reserves that, on paper, fully back outstanding USDT. The composition of those reserves has shifted from majority commercial paper in 2021 to majority US Treasury bills today, and is the most important question for anyone holding more than a few thousand dollars of USDT.
- Pre-2021: reserves included a high share of commercial paper and unspecified loans, which raised concerns about quality and liquidity.
- October 2021: a $41 million CFTC settlement found that Tether had not always held full reserves backing USDT. Tether neither admitted nor denied the findings.
- 2022 to 2024: Tether shifted reserves toward US Treasury bills, which now account for more than 80% of holdings. Quarterly attestations are published by BDO Italia.
- 2025: Tether reports 100%+ collateralization, with the majority in short-duration US Treasuries and the remainder in cash, repo, and a smaller allocation to gold and Bitcoin.
Tether publishes attestations, not full audits. An attestation confirms reserve totals on a specific date. A full audit reviews systems and processes over time. Tether has not yet completed a Big Four audit.
USDT across blockchains
Tether is issued on more than ten blockchains. The choice of network changes the transfer fee, settlement speed, and where the USDT can be used. The largest networks by USDT supply:
- Tron. The biggest USDT network by supply, used heavily for retail transfers and remittances. Fees are typically a few cents.
- Ethereum. Used by DeFi, institutional flows, and most large-volume settlements. Fees vary with congestion.
- Solana. Fast and cheap, growing share for high-frequency on-chain trading.
- Avalanche, Polygon, Arbitrum, BSC. Used for chain-specific DeFi and lower-fee transfers.
USDT on different chains is not interchangeable on-chain. You cannot send USDT-Tron to an Ethereum address. Most exchanges let you withdraw the same dollar value on any supported network, but the wallet address must match the network.
Tether vs USDC vs DAI
Tether is the largest stablecoin, but it is not the only one. The differences matter for risk, regulatory standing, and use case.
- Issuer: Tether is issued by Tether Limited (Hong Kong). USDC is issued by Circle (US, regulated). DAI is issued through MakerDAO smart contracts using crypto collateral.
- Reserves: Tether holds mostly US Treasuries plus diversified assets. USDC holds cash and short-term Treasuries with monthly attestations. DAI is overcollateralized by ETH, USDC, and other assets.
- Regulation: USDC operates under US state-level money-transmission and banking rules. Tether is offshore and operates under Hong Kong and other non-US frameworks.
- Use case: USDT dominates trading volume on global exchanges. USDC is preferred by US institutions. DAI is preferred by users who want decentralized issuance.
Most active traders hold USDT for liquidity. Many long-term holders prefer USDC for transparency.
How to buy and use Tether
Acquiring USDT is the same flow as any major asset.
- Pick a regulated exchange with deep USDT/USD or USDT/EUR liquidity. Our exchange ratings compare the leading options.
- Verify your identity. KYC usually takes under 10 minutes.
- Fund the account. Bank transfers are cheapest. USD deposits convert to USDT at near-1:1 rates.
- Buy or convert. Most exchanges offer instant USD-to-USDT conversion at a small spread.
- Choose your network for withdrawal. Tron is cheapest for small transfers. Ethereum is best for DeFi. Solana is fast and cheap. Always confirm the network matches the destination wallet.
For storage, hardware wallets (Ledger, Trezor) and reputable software wallets (MetaMask, Trust Wallet, Phantom) all support USDT on multiple networks. Avoid leaving large balances on exchanges long term.
Risks of holding Tether
USDT is not riskless. The main risks are different from those of volatile cryptocurrencies.
- Issuer risk. Tether Limited is a private company. If it fails, files for bankruptcy, or freezes redemptions, USDT holders depend on the legal claims process.
- Reserve composition risk. The reserve mix can change. Less liquid assets in reserve raise the risk of a discount during a redemption rush.
- Regulatory risk. US and EU regulators have moved toward stricter stablecoin oversight. Future rules could affect Tether’s structure or US market access.
- Peg deviation risk. USDT has briefly traded below $0.96 during severe market stress (e.g., May 2022). The asset usually returns to peg, but during the deviation window, holders face mark-to-market loss.
- Counterparty risk on networks. USDT relies on the security of each chain it is issued on. A failure of Tron, Ethereum, or another network would affect USDT on that chain.
This page is information, not financial advice. Stablecoin holdings carry counterparty risk that is easy to underestimate.
Tether price analysis
At the time of writing, Tether (USDT) trades at $0.998746, with a 24-hour trading volume of $39.88B and a total market capitalization of $189.4B. The asset is currently ranked #3 among all tracked cryptocurrencies by market cap.
Over the last 24 hours, the USDT price has rose +0.00%. On the seven-day chart, Tether has retraced +0.07%, showing mixed signals across the short and medium term. Short-term price swings are often amplified by liquidity conditions, news flow, and derivatives positioning, so traders should confirm signals across multiple indicators before acting.
Tether's all-time high of $1.32 was set on July 24, 2018. The current market price is +24.51% below that historical peak. Distance from the all-time high is a common reference point when evaluating long-term recoveries and identifying macro support or resistance levels.
How to buy Tether
Buying Tether (USDT) is straightforward once you know which exchange to use and which trading pair offers the best liquidity. The steps below describe the typical flow used by most investors today.
- Choose a reputable exchange. Pick a platform that lists USDT with deep liquidity, transparent fees, and strong security practices. Our top-rated exchanges guide compares the leading venues side-by-side.
- Create and verify your account.Complete the exchange's KYC process — most platforms require a government-issued ID and a short identity check. Verification is usually a one-time step that takes just a few minutes.
- Deposit funds. Fund your account with fiat currency via bank transfer, card, or a stablecoin like USDT or USDC. Stablecoin deposits typically offer the fastest settlement and lowest fees.
- Place a buy order. Navigate to the USDT/USD or USDT/USDT pair and either execute a market order for instant fills or set a limit order at your preferred entry price.
- Secure your USDT. For long-term holdings, consider moving your tokens to a non-custodial wallet — a hardware device for the highest security, or a reputable software wallet for frequent access.
You can also use the built-in Tether converter above to estimate exactly how much USDT you would receive for a given amount in USD before placing an order.
Is Tether a good investment?
Whether Tether is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, USDT carries significant market risk — prices can rise or fall sharply in a single day, and past performance is not a reliable indicator of future returns.
Potential strengths
- Ranked #3 by market cap with an established trading history and active exchange coverage.
- Transparent on-chain data: real-time supply, circulation metrics, and publicly auditable transactions.
- Ongoing ecosystem development and community engagement, as reflected in Stablecoins, USD Stablecoin sector activity.
Key risks to consider
- Volatility: 24-hour moves of 5–15% are common in crypto markets.
- Regulatory uncertainty: changes in policy across major jurisdictions can materially affect price and access.
- Liquidity and custody risk: not all exchanges are equally safe, and self-custody requires careful key management.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
FAQ
What is Tether (USDT) used for?
Tether is used as a digital US dollar across crypto markets. Traders use USDT to move quickly between assets without converting to fiat currency. Remittance users send USDT (especially on Tron) for low-fee international transfers. DeFi platforms use USDT as a stable settlement and lending asset. Some emerging-market businesses use USDT as a dollar substitute for cross-border payments.
Is USDT safe?
USDT carries different risks from volatile cryptocurrencies. The peg holds in normal conditions because Tether issues and redeems at $1 against USD. The main risks are issuer credit risk (Tether Limited), reserve composition, regulatory changes, and brief peg deviations during market stress. USDT has remained at or near $1 through multiple severe market events, but it has briefly de-pegged before. Holders concerned about issuer risk often diversify into USDC or DAI.
How is Tether backed?
Tether reports that USDT is backed primarily by short-duration US Treasury bills, with smaller allocations to cash, repo, gold, and Bitcoin. Reserve composition is published quarterly by BDO Italia as an attestation, not a full audit. The reserve mix has shifted significantly over time, with Treasury bills now making up the large majority.
USDT vs USDC: which is better?
It depends on your priority. USDT has higher liquidity on global exchanges and dominates trading volume in Asia and Latin America. USDC is issued by a US-regulated company (Circle) and prefers transparency over speed. US institutional users typically prefer USDC. Active traders typically use USDT. Many holders split between both to diversify issuer risk.
Why does USDT sometimes drop below $1?
USDT can drift slightly below $1 during periods of crypto market stress when many holders try to redeem at once. Examples include May 2022 (Terra/Luna collapse) when USDT briefly traded near $0.96. Arbitrageurs typically restore the peg within hours by buying discounted USDT and redeeming at $1 with Tether. The deviations are real but historically temporary.
Which network should I use for USDT?
It depends on what you are doing. Use Tron for cheap retail transfers and remittances (fees of a few cents). Use Ethereum for DeFi, institutional flows, and large settlements. Use Solana for fast and cheap on-chain trading. Always confirm the destination wallet supports the network you are sending on. USDT-Tron sent to an Ethereum-only address can be permanently lost.
Has Tether ever been audited?
Tether publishes quarterly attestations by BDO Italia confirming reserve totals on specific dates. Attestations are not the same as full audits, which examine systems, processes, and historical data over time. Tether has stated repeatedly that a full audit is a goal. As of 2025, no Big Four audit has been completed.
Can Tether collapse?
A Tether collapse would require either a sudden withdrawal of most reserves, a regulatory order halting redemptions, or a fraud event large enough to break the peg permanently. Tether has held its peg through several market cycles and major industry collapses. Tail risk is non-zero, which is why many holders diversify across stablecoin issuers.
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