The total amount of USDT issued as of February 2023 is approximately US$68 billion. It is backed by U.S. dollar reserves at a 1:1 ratio and is designed to provide stability for cryptocurrency trading. USDT will be lower than the total issuance amount when circulating, and can be traded through multiple exchanges and platforms.
How many USDT are there?
USDT (Tether) is a stablecoin pegged to the value of the U.S. dollar, issued by Tether Limited. It is designed to provide stability in cryptocurrency trading so that it is not affected by excessive market fluctuations.
Total issuance
As of February 2023, the total issuance of USDT is approximately US$68 billion. This number fluctuates as new USDT is issued and redeemed by users.
Issuance Mechanism
Tether Limited claims that USDT is backed by U.S. dollar reserves at a 1:1 ratio. When a user purchases USDT, Tether Limited deposits the equivalent amount in U.S. dollars into its reserve account. When a user redeems USDT, Tether Limited will withdraw the corresponding USD from its reserve account and issue it to the user.
Exchange circulation
Not all issued USDT is circulating in the market. Some USDT is stored in wallets by holders, while others are used for payments and settlements. Therefore, at any given moment, the amount of USDT in circulation is less than the total amount issued.
Regulation and Transparency
The issuance and regulation of USDT has been controversial. Tether Limited has been accused of providing false or misleading information on multiple occasions and has yet to fully disclose proof of its reserves. This has raised concerns about USDT’s stability and its ability to be pegged to the U.S. dollar.
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