USDT on Ethereum is at record utility: monthly transfer volume reached $580.9 billion with 12.5 million transfers, up ~400% since Sep 2023 lows, and Ethereum now holds roughly 44.46% of circulating USDT supply, fueling DeFi activity and institutional flows.
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Monthly transfer volume: $580.9 billion (September)
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Transfer count: 12.5 million — on-chain USD exchanges are at multi-year highs
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USDT market cap: $180.64B; ~80.081 billion USDT on Ethereum (44.46% of circulating supply)
USDT on Ethereum surges: $580.9B monthly transfers, 12.5M txs and 44.46% of supply on-chain. COINOTAG analysis of market impact and reserves.
By COINOTAG — Published October 14, 2025 · Updated October 14, 2025
How is USDT on Ethereum reaching record utility?
USDT on Ethereum has reached record utility as key metrics surged about 400% from September 2023 lows, with a September monthly transfer volume of $580.9 billion and 12.5 million transfers. These figures show elevated stablecoin throughput across DeFi protocols, exchanges and institutional flows.
Why does USDT dominate stablecoins on Ethereum?
USDT dominance on Ethereum is driven by scale, liquidity and broad integration across decentralized exchanges, lending markets and derivatives venues. Data referenced from Token Terminal and DeFiLlama indicate a circulating USDT supply of approximately $180.122 billion, with Ethereum holding about 44.46% — roughly 80.081 billion USDT on-chain. Tron and BSC follow as secondary rails with 77.322 billion and 8.982 billion USDT respectively. These distribution metrics support deep order books and low slippage, making USDT a preferred counterparty for large traders and institutional participants.
Recent minting activity also matters: Tether minted $1 billion USDT on Ethereum in under 24 hours, an injection that typically precedes liquidity demand and can indicate preparations for higher trading volumes. Token Terminal’s public commentary noted the ~400% rise in key metrics since Sep 2023 lows and highlighted the monthly $580.9B transfer volume and 12.5M transfer count in September.
USDT usage on Ethereum is at an all-time high, with key metrics up ~400% from Sep ’23 lows.
Monthly transfer volume in September was $580.9 billion & transfer count 12.5 million.
At a ~$500 billion valuation, @Tether_to is the most valuable business building on @ethereum. pic.twitter.com/Z83e68NO8C
— Token Terminal 📊 (tokenterminal) October 13, 2025
Frequently Asked Questions
How much USDT is circulating on Ethereum right now?
According to DeFiLlama data, Ethereum holds roughly 44.46% of circulating USDT, equating to about 80.081 billion USDT on-chain. The total circulating USDT is reported at approximately $180.122 billion.
Is USDT still a reliable collateral after the recent market crash?
Yes. During the recent market downturn Tether’s USDT maintained its peg and continued to facilitate trades and liquidations on both DEXs and CEXs. Paolo Ardoino (Tether) posted on X that “USDT is the best collateral for derivatives and margin trading,” underscoring its role as a liquidity anchor.
Key Takeaways
- Scale matters: USDT’s $580.9B monthly transfer volume and 12.5M transfers demonstrate deep market utility.
- Ethereum concentration: With ~44.46% of USDT supply on Ethereum, the chain remains the primary rail for dollar-denominated DeFi activity.
- Reserves & revenue: Tether’s reported profits and diversified reserves (USD, US Treasuries, Bitcoin, gold and secured loans) support peg resilience and ongoing liquidity provision.
Conclusion
USDT on Ethereum is exhibiting record utility driven by high transfer volume, concentrated liquidity and continued integration across DeFi and institutional venues. Data from Token Terminal and DeFiLlama, and public comments from Tether leadership, indicate USDT remains a central liquidity instrument. Market participants should monitor supply movements and minting activity as short-term indicators of demand; COINOTAG will continue to track developments.
Additional reporting notes
Sources referenced in this piece as plain text: Token Terminal, DeFiLlama, Tether statements on X, and reporting from Cryptopolitan. Financial figures reflect publicly available on-chain metrics and company disclosures. COINOTAG authored and published this analysis on October 14, 2025.
