Stablecoin issuer Tether has minted another one billion USDT tokens on the Ethereum network on 4th July. The mint brings the total USDT supply on Ethereum to almost $75 billion.
Large mints such as this do not enter circulation immediately. Instead, the tokens sit in Tether’s treasury until exchanges or other customers request them. Tether says this practice keeps liquidity ready for sudden demand spikes.
Blockchain tracker Whale Alert flagged the mint, identifying the transaction as a treasury issuance. Tether’s transparency page now shows Ethereum with about $74.9 billion authorized USDT, slightly behind Tron’s $80 billion.
Tether CEO Paolo Ardoino has previously explained on X that such mints “replenish inventory” so the firm can meet future issuance requests and perform chain swaps without delay. He added that newly created tokens remain “unissued” until they leave the treasury wallet.
Data from analytics site CoinGecko places USDT’s total circulation at a record $150 billion, giving Tether roughly 61% of the U.S. dollar stablecoin market. Circle’s USDC dominance stands second with 25%, about $60 billion.
Authorised supply acts as a ceiling on how much USDT can circulate on a network. With the latest mint, Ethereum keeps a narrow lead over Tron, which had overtaken it earlier this year after an $18 billion mint on Ethereum temporarily shifted balances. Other networks, such as Solana and Avalanche, hold much smaller amounts: $2.3 billion and $1.8 billion, respectively.
While critics often watch large mints for signs of market pressure, Tether says inventory management is routine. “It’s like stocking shelves before customers arrive,” one company statement said. For traders, the fresh batch means ample liquidity remains available as crypto markets head into the second half of 2025.
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