USDT transfers rose to $52.9 billion on a 30-day moving average basis, indicating a steady recovery of stable speeds since the market turbulence in early 2022. According to GlassNode data, this gradual increase shows consistent growth in market activity and Stablecoin adoption across multiple blockchain networks.
Sustained volume growth has resulted in more than $13 billion in new USDTs in the second quarter of 2025, bringing the total circular supply to $157.1 billion. This represents an annual increase of $2 billion, according to CEO Paolo Ardoino, which expands the gap with competing Stablecoins to more than $100 billion.
The BNB chain has gained market share from Ethereum
Blockchain distribution data as of July 30, 2025 reveals changes in the dynamics of USDT transfer patterns across major networks. Tron maintains a monthly fee of $23 billion, while BNB Chain’s $14.9 billion has surpassed Ethereum’s $13.3 billion.
The 30-day moving average of $USDT transfers across major blockchains has risen steadily due to the surge and crash in early 2022, and is now at $52.9 billion.
This progressive climb reflects a slow and consistent recovery in #StableCoin speed and market activity. pic.twitter.com/bmjalrxom2– GlassNode (@GlassNode) August 1, 2025
This shift has shown a significant change since May 2025, when the volume share of BNB chains exceeded 30% of USDT transfers. Previously, Ethereum held more than 27% of its January-May volume, while Tron led more than 55% of its USDT activity.
Related: Tether Mint reaches 1 billion USDT and 826.9 billion supply milestones on Tron
The small network is expanding adoption with TON processing $94.7 million and Solana processing $780.4 million, with optimism and arbitrary processing of the Layer-2 solution, adopting $606.4 million and $638.3 million respectively. These numbers demonstrate the diversification of blockchain usage for Stablecoin transactions.
Tether’s financial performance drives expansion plans
Tether’s second quarter certification report confirms quarterly net profit of $4.9 billion, contributing to annual profit of $5.7 billion. The company has a total assets of $162.5 billion, helping to issuance stable and supports $5.47 billion in excess reserves, exceeding the 100% support requirement.
Tether has released quarterly proofs for the second quarter of 2025.
Highlights as of June 30, 2025:
*157.1b was issued at the end of the second quarter of 2025.
*162.5B Total Assets/Reserves, end of second quarter.
*5.47B excess reserve, all issued 100% reserves of liquid assets… https://t.co/bejhvfkmyt pic.twitter.com/xyvmuewz0g– July 31, 2025, Paolo ardoino🤖 (@paoloardoino)
Tether also reports US Treasury holdings of $127 billion, both directly and indirectly, ranking as the world’s largest holder of US government debt. This is consistent with the goal of genius law to integrate the dominance of the dollar in the crypto market.
Related: Tether reports 4.9 billion quarter profits, and Bitcoin reports $2.6 billion profits from gold reserves
The company invests significant capital in strategic investments such as XXI capital, Rumble platform build-outs, and various artificial intelligence (AI) initiatives. Ardoino explained that US investments will reach around $4 billion aimed at establishing a robust local ecosystem.
With Tether’s expansion, our nearest competitors have established dominant market leadership while dragging a circular supply of over $100 billion. This size of premium allows for business flexibility in product innovation and market development efforts.
Future, the next quarter will witness the establishment of a new US business by Tether, with the aim of creating traditional, silly and ridiculous financial products. Additionally, it targets the US market with products tailored to regulatory compliance and agency onboarding.
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