USDT transfer volume has surged to $52.9 billion on a 30-day moving average basis, indicating a consistent recovery in stablecoin velocity following the early 2022 market turbulence. According to data from Glassnode, this steady growth reflects increasing market activity and stablecoin adoption across various blockchain networks.
The rise in volume has been sustained as Tether issued over $13 billion in new USDT during Q2 2025, pushing the total circulating supply to $157.1 billion. This represents a year-to-date increase of $20 billion and widens the gap with rival stablecoins to over $100 billion, as stated by CEO Paolo Ardoino.
BNB Chain Surpasses Ethereum in Market Share
Recent blockchain distribution data as of July 30, 2025, highlights shifting dynamics in USDT transfer patterns across major networks. Tron leads with a monthly volume of $23 billion, while BNB Chain’s $14.9 billion has overtaken Ethereum’s $13.3 billion.
The 30-day moving average of $USDT transfer volume across major blockchains has been steadily rising since the early 2022 surge and crash, now reaching $52.9B.
This gradual climb reflects a slow but consistent recovery in #stablecoin velocity and market activity. pic.twitter.com/BMJaLrxOm2— glassnode (@glassnode) August 1, 2025
This shift marks a significant change since May 2025, when BNB Chain’s volume share exceeded 30% of total USDT transfers. Previously, Ethereum held over 27% of volume from January through May, while Tron commanded over 55% of USDT activity.
Related: Tether Mints 1 Billion USDT on Tron, Reaches 82.69 Billion Supply Milestone
Smaller networks are showing increased adoption, with TON processing $94.7 million, Solana handling $780.4 million, and layer-2 solutions like Optimism and Arbitrum processing $60.4 million and $638.3 million, respectively. These figures demonstrate a diversification in blockchain usage for stablecoin transactions.
Tether’s Financial Performance and Expansion Plans
Tether’s Q2 2025 attestation report confirms $4.9 billion in net income for the quarter, contributing to $5.7 billion in year-to-date profits. The firm holds $162.5 billion in total assets to support its stablecoin issuance, with $5.47 billion in excess reserves above the 100% backing requirement.
Tether just released its quarterly attestation for Q2 2025.
Highlights as of 30th June 2025:
* 157.1B total issued USDt, end of Q2 2025.
* 162.5B total assets/reserves, end of Q2 2025.
* 5.47B excess reserves, on top of the 100% reserves in liquid assets that back all issued… https://t.co/bejhVFkMYt pic.twitter.com/XYVmueWZ0G— Paolo Ardoino 🤖 (@paoloardoino) July 31, 2025
Tether also holds $127 billion in U.S. Treasury holdings, positioning it as one of the largest holders of U.S. government debt globally. This aligns with the objectives of the GENIUS Act to strengthen dollar dominance in the crypto markets.
Related: Tether Reports $4.9B Q2 Profit and $2.6B Gains from Bitcoin, Gold Reserves
The company has made significant investments in strategic ventures such as XXI Capital, Rumble platform development, and various artificial intelligence initiatives. Ardoino mentioned that U.S. investments amount to approximately $4 billion, aiming to build a robust local ecosystem.
Tether’s expansion has solidified its market leadership, with its closest competitor trailing by more than $100 billion in circulating supply. This size advantage enables flexibility in business innovation and market expansion efforts.
Looking ahead, the next quarter will witness the launch of a new U.S. operation by Tether, focusing on offering comprehensive financial products beyond traditional stablecoins. The company aims to target the American market with solutions tailored to regulatory compliance and institutional adoption.
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