Tether (USDT)
C+Tether issues USDT, the largest stablecoin by market cap with over $145B in circulation. Reserves are primarily held in US Treasury bills through Cantor Fitzgerald. Tether publishes quarterly attestation reports through BDO Italia but has never completed a full independent audit. Despite transparency concerns, USDT dominates global trading volume and emerging market dollar access.
Largest stablecoin by market cap ($145B+). Deepest liquidity across all exchanges and chains. Dominant in emerging market remittance and trading.
No full independent audit has ever been published. Quarterly attestations by BDO Italia provide limited assurance. Reserve composition has historically included commercial paper and secured loans. GENIUS Act compliance is uncertain.
- +Deepest liquidity of any stablecoin
- +Available on virtually every exchange
- +Critical for emerging market dollar access
- +Strong revenue generation ($13B+ profit in 2024)
- -No full independent audit ever published
- -Opaque reserve management history
- -BVI jurisdiction limits regulatory oversight
- -GENIUS Act compliance uncertain
- -Past settlement with NY Attorney General ($18.5M)