Tether has tripled its USDT supply since 2023, boosting profits and reinforcing its dominance amid intensifying stablecoin market competition and USDC’s rising institutional adoption.
Tether has tripled its USDT supply since 2023, with profits that rival major banks, underscoring its dominance in the stablecoin market. As of Q3 2025, the company reported year-to-date profits exceeding $10 billion and circulated over $174 billion USDT. USDC continues to gain traction among institutional investors, reflecting heightened competition in the sector.