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Tether

Tether's USDT is the largest stablecoin by market cap and a critical liquidity layer for Ethereum markets, even as USDT also dominates on other chains.

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Category: Stablecoin issuer
Products / brands: USDT

Tether’s USDT is the largest stablecoin by market cap and a critical liquidity layer for Ethereum markets, even as USDT also dominates on other chains. In trading terms, USDT is a ubiquitous quote asset for CEX and DEX flows, supporting ETH price discovery and token liquidity. DefiLlama lists USDT market cap at ~$143.62B, highlighting its global scale and the huge role stablecoins play in crypto market structure. For Ethereum, USDT is a core stable settlement rail in DeFi, on exchanges, and in cross-chain workflows–an important factor when comparing ETH fees and liquidity to other smart contract platforms.

Key metric: USDT market cap ~ $143.62B (DefiLlama).
Sources: DefiLlama USDT: https://defillama.com/stablecoin/usdt