Tether
Stablecoin · Fiat-Backed Regulated · USDT
NetworkStablecoinFiat-Backed RegulatedMulti-ChainHybrid-Chain1 coinsAudited
Tether issues USDT, a fiat-backed dollar stablecoin redeemable 1:1 against reserves held in cash, cash equivalents, and short-term U.S. Treasuries.
The largest stablecoin by circulating supply.
Circulating supply
$184.26B
+0.0% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Tether and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Circle (USDC) | Largest regulated fiat-backed dollar. | Both issue a USD-pegged stablecoin redeemable against reserves. | USDC is the deepest, most widely integrated regulated fiat-backed dollar with monthly Deloitte attestations and a public-company issuer. |
| 2 | Paxos | Regulated white-label stablecoin issuer. | Both in Stablecoin (Fiat-Backed Regulated). | Only major white-label issuer with both NYDFS + MAS licenses, letting partners (PayPal, Global Dollar Network) launch under its regulatory wrapper. |
| 3 | TrueUSD | The most transparent USD-backed stablecoin. | Both in Stablecoin (Fiat-Backed Regulated). | Transparency-first design: daily attestations, Chainlink Proof of Reserve, and on-chain mint/redeem. No algorithmic stabilization or native yield. |
| 4 | First Digital | Hong Kong trust-custody dollar stablecoin. | Both in Stablecoin (Fiat-Backed Regulated). | Major HK-trust-custody stablecoin with deep BSC liquidity. |
| 5 | M^0 Foundation | Money middleware for institutional stablecoins. | Both in Stablecoin (Fiat-Backed Regulated). | Modular 'money middleware' — M is the institutional underlying asset other issuers compose on, not a retail consumer dollar. |
| 6 | Agora | Revenue-sharing institutional dollar. | Both in Stablecoin (Fiat-Backed Regulated). | Revenue-sharing model passes reserve yield to distribution partners, creating institutional alignment. |
| 7 | Pleasing Market | RWA precious-metals platform issuing PGOLD and USDpm with cross-chain distribution via Chainlink CCIP. | Both in Stablecoin (Fiat-Backed Regulated). | Tokenized allocated gold with unlimited physical redemption, plus an oracle/security-first cross-chain model (Chainlink CCIP + Data Streams) rather than a single-chain gold token. |
| 8 | Bitget | Exchange-native yield-bearing dollar. | Both in Stablecoin (Fiat-Backed Regulated). | Exchange-native yield product — Bitget's 45M+ users earn T-bill yields inside the exchange. |
| 9 | Stably | Stablecoin-as-a-service issuer and fiat on/off-ramp provider. | Both in Stablecoin (Fiat-Backed Regulated). | Combines consumer/enterprise fiat ramps with multi-chain stablecoin issuance infrastructure, including partner-issued models like VeUSD. |