- Tether minted up to 8 billion USDT in July 2025.
- Tron now holds over 50% of USDT supply.
- Increased liquidity and debate on transparency.
Tether minted between $6 and $8 billion USDT in July 2025, marking the largest issuance in its history, now with Tron accounting for over 50% of supply.
The issuance increased circulating USDT supply to record levels, reinforcing Tether’s market influence and liquidity provision amid ongoing discussions about stablecoin transparency and regulatory scrutiny.
Tether Holdings Limited
Tether Holdings Limited has executed a record issuance of between 6 billion and 8 billion USDT in July 2025. This marks the largest monthly issuance in the stablecoin’s history, with the Tron blockchain now accounting for over 50% of the total USDT supply.
CEO Paolo Ardoino noted that the minted tokens are fully backed, stressing Tether’s role in shaping global demand for stablecoin liquidity. The issuance caused USDT’s circulating supply to rise to new highs, exceeding $157 billion by July 31, 2025.
The Tron Blockchain
The Tron blockchain experienced significant growth, holding over 82.69 billion USDT, surpassing Ethereum. The surge in supply led to increased liquidity on major centralized exchanges and DeFi platforms, benefiting both institutional and retail users.
Despite no significant oscillations in Total Value Locked (TVL), there was a rise in trading activity and on-chain settlement volumes. Ardoino cited Tether’s US Treasury exposure and robust reserves as factors supporting the issuance.
The issuance has rekindled transparency debates across various forums. Market participants demand real-time attestation and independent auditing, although Tether maintains adequate backing for all minted tokens.
With over $127 billion in US Treasury exposure, Tether continues to assert its major role as a non-sovereign US debt holder. Historical patterns show fluctuating market liquidity and risk-on activity often accompany such high-volume mints.
“Q2 2025 affirms what markets have been telling us all year: trust in Tether is accelerating. With over $127 billion in U.S. Treasury exposure, robust bitcoin and gold reserves, and over $20 billion in new USDT issued, we’re not just keeping pace with global demand, we’re shaping it.” – Paolo Ardoino, CEO, Tether
