Why Tether Keeps Growing Even With Better Stablecoins

USDT crossed $145B in circulating supply this month — and despite better-regulated alternatives existing, growth has accelerated.

Fundamental driver is distribution. USDT is the default trading pair on major Asian and Latin American exchanges, and it’s the de facto dollar in several emerging markets. That’s not a market USDC, FDUSD or PYUSD have meaningfully captured.

USDT on Tron alone settles more daily volume than the entire DeFi sector — primarily for cross-border payments. Tether’s revenue from US Treasury holdings now puts it on par with mid-sized regional banks in profitability.