1. USDT Key Facts
| Token | USDT / USDt / Tether |
|---|---|
| Peg | 1 U.S. dollar |
| Peg type | Fiat-backed stablecoin |
| Issuer | Tether |
| Initial launch | 2014, originally using Bitcoin's Omni Layer according to Tether materials |
| Transparency cadence | Tether says it publishes daily transparency information and periodic reserve assurance reports |
| Direct redemption | Verified Tether.to account required; minimum redemption amount is 100,000 USD equivalent |
| Market data source | CoinGecko and CoinMarketCap live USDT pages, checked May 7, 2026 |
2. Backing and Reserve Composition
Tether states that every USDt token is pegged one-to-one with a matching fiat currency and backed by Tether's reserves. Tether's public materials describe reserves as traditional currency, cash equivalents, and other assets, including receivables from loans made by Tether to third parties.
| Reserve field | Public description |
|---|---|
| Reserve categories | Traditional currency, cash equivalents, and other assets, including receivables from loans |
| Transparency data | Tether publishes current assets and token circulation on its transparency page |
| Assurance reports | Reserve assurance reports are published periodically; use the latest Tether report for current composition |
3. Audit and Attestation Status
Tether publishes reserve attestations and daily transparency data. Public reporting in 2026 also stated that Tether had selected a Big Four accounting firm for a full financial statement audit, while the firm name was not disclosed in those reports. This page treats attestations and full financial statement audits as separate reporting categories.
4. Redemption Mechanism
Tether's redemption help page says redeeming Tether tokens means depositing tokens to Tether.to and receiving fiat into a verified bank account. It states that users need a verified Tether.to account and that the minimum redemption amount is 100,000 USD equivalent.
Trading USDT through an exchange or liquidity pool is different from direct redemption with Tether because third-party venues depend on order books, fees, liquidity, routing, and availability.
5. Market Cap, Price and Exchanges
USDT market cap, price, volume, and exchange listings update continuously. On May 7, 2026, CoinGecko showed USDT as the largest stablecoin by market capitalization, with market cap near $190 billion, price near $1.00, and active markets across hundreds of exchanges. CoinMarketCap showed a similar market-cap range on the same date.
| Current market cap | Use live CoinGecko or CoinMarketCap data because the figure updates intraday |
|---|---|
| Price history source | CoinGecko lists live price, 24h range, all-time high, and all-time low |
| Exchange examples | CoinGecko and CoinMarketCap list Binance, Bitget, Kraken and many other active markets; availability varies by jurisdiction and venue |
6. Supported Chains and Contract Addresses
Tether's supported-protocols page lists USDt on multiple protocols. Contract addresses below are the common Ethereum, Tron, BNB Smart Chain, Avalanche, and Solana identifiers; always verify against Tether, official explorers, or the receiving venue before any transfer.
| Chain | USDT contract / token address |
|---|---|
| Ethereum | 0xdac17f958d2ee523a2206206994597c13d831ec7 |
| Tron | TR7NHqjeKQxGTCi8q8ZY4pL8otSzgjLj6t |
| BNB Smart Chain | 0x55d398326f99059ff775485246999027b3197955 |
| Avalanche | 0x9702230a8ea53601f5cd2dc00fdbc13d4dfa8c7 |
| Solana | Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB |
Before sending USDT, check the recipient address
Stablecoin reserves do not verify the destination wallet. If you are sending USDT to an EVM address, scan the address for blacklist and behavior signals first.
Open Address Risk Checker7. Holder Yield and DeFi Yield Comparison
USDT itself is a stablecoin token, not a built-in yield token. Any yield shown by a lending market, exchange product, or DeFi protocol comes from that venue's separate mechanics and terms.
Check live USDT DeFi rates
Earning yield on USDT? Compare current USDT APY across Aave, Compound, Spark, Fluid and other tracked DeFi markets.
8. Comparison Data Points
This page is not a recommendation or a full stablecoin comparison. The fields below are the data points to compare when looking at USDT next to USDC, PYUSD, FDUSD, USD1, or USDS.
| Market cap | CoinGecko and CoinMarketCap live market cap pages |
|---|---|
| Reserve composition | Traditional currency, cash equivalents, and other assets, including loan receivables, according to Tether |
| Attestation format | Daily transparency data and periodic reserve assurance reports |
| Direct redemption | Verified Tether.to account and 100,000 USD equivalent minimum redemption amount |
| Holder yield | No built-in token yield; third-party products may have separate yield mechanics |