Bubble
Tether USDT
Tether (USDT) was trading at $0.9993, ranked #3 by market cap at $184.09B, with 24h volume of $48.43B.
Data snapshot: 2026-07-22 18:00 UTC.
Tether (USDT) is the largest stablecoin in crypto, launched in 2014 and designed to hold a 1:1 peg with the US dollar through a mix of cash, cash equivalents and short-term investments held in reserve. It's used across nearly every exchange and blockchain as the primary trading pair and a way to move dollar value on-chain without touching the traditional banking system. USDT is the largest stablecoin and, by transaction count, one of the most used assets in crypto — particularly outside the United States, where it functions as everyday dollar access rather than as a trading instrument. Its reserves are attested rather than audited in the full sense, and the composition of those reserves has been the central and long-running debate about it. On a bubble map it is always a large grey circle: its size tells you how much dollar liquidity is parked on-chain, and changes in that size over weeks are a better read on capital entering or leaving crypto than any single coin's price.
Why is USDT's bubble always grey?
Bubble colour shows price change, and a stablecoin holds close to one dollar. The information is in its size, which reflects how much dollar liquidity exists on-chain, not in its colour.
What backs USDT?
Reserves held by its issuer, published in periodic attestations. The composition and the difference between an attestation and a full audit have been the main points of debate about it.
Why is USDT used more than other stablecoins in some regions?
It has the widest exchange and wallet support and is the default dollar unit on several high-volume networks, which makes it the practical choice where access to dollars is otherwise difficult.
What does a growing stablecoin market cap indicate?
That more dollar value is sitting on-chain. It is often read as capital available to deploy, though it does not predict direction.
Market cap decides how big a bubble is drawn, so rank is what places USDT on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #3 | Tether (USDT) | $184.09B |
| #5 | USDC (USDC) | $73.18B |
| #13 | USDS (USDS) | $9.91B |
| #145 | crvUSD (CRVUSD) | $254.32M |
| #180 | EUR CoinVertible (EURCV) | $181.14M |