USDT transfer volume has climbed to $52.9 billion on a 30-day moving average basis, marking a steady recovery in stablecoin velocity since the early 2022 market turbulence. According to Glassnode data, this gradual increase shows consistent growth in market activity and stablecoin adoption across multiple blockchain networks.
The sustained volume growth comes as Tether issues over $13 billion in new USDT during Q2 2025, bringing the total circulating supply to $157.1 billion. This represents a $20 billion year-to-date increase and widens the gap with competing stablecoins to over $100 billion according to CEO Paolo Ardoino.
BNB Chain Captures Market Share from Ethereum
Blockchain distribution data as of July 30, 2025 reveals changing dynamics in USDT transfer patterns across major networks. Tron maintains the largest share with $23 billion in monthly volume, while BNB Chain’s $14.9 billion has overtaken Ethereum’s $13.3 billion.
The 30-day moving average of $USDT transfer volume across major blockchains has been steadily rising since the early 2022 surge and crash, now reaching $52.9B.
This gradual climb reflects a slow but consistent recovery in #stablecoin velocity and market activity. pic.twitter.com/BMJaLrxOm2— glassnode (@glassnode) August 1, 2025
This shift marks a notable change since May 2025, when BNB Chain’s volume share exceeded 30% of total USDT transfers. Previously, Ethereum held over 27% of volume from January through May, while Tron commanded over 55% of USDT activity.
Related: Tether Mints 1 Billion USDT on Tron, Reaches 82.69 Billion Supply Milestone
Smaller networks show growing adoption with TON processing $94.7 million, Solana handling $780.4 million, and layer-2 solutions Optimism and Arbitrum processing $60.4 million and $638.3 million respectively. These figures show diversification in blockchain usage for stablecoin transactions.
Tether’s Financial Performance Drives Expansion Plans
Tether’s Q2 2025 attestation report confirms $4.9 billion of net income for the quarter to contribute to $5.7 billion in year-to-date profits. The firm has $162.5 billion of total assets to support its issuance of stablecoins, with $5.47 billion of excess reserves above the 100% backing requirement.
Tether just released its quarterly attestation for Q2 2025.
Highlights as of 30th June 2025:
* 157.1B total issued USDt, end of Q2 2025.
* 162.5B total assets/reserves, end of Q2 2025.
* 5.47B excess reserves, on top of the 100% reserves in liquid assets that back all issued… https://t.co/bejhVFkMYt pic.twitter.com/XYVmueWZ0G— Paolo Ardoino 🤖 (@paoloardoino) July 31, 2025
Tether also reported $127 billion in U.S. Treasury holdings, both direct and indirect, ranking it among the world’s largest holders of the U.S. government debt. This puts it in line with the goals of the GENIUS Act to consolidate dollar supremacy in crypto markets.
Related: Tether Reports $4.9B Q2 Profit and $2.6B Gains from Bitcoin, Gold Reserves
The firm has invested significant capital in strategic investments such as XXI Capital, Rumble platform build-out, and various artificial intelligence (AI) initiatives. Ardoino explained that US investments amount to around $4 billion, aimed at establishing a robust local ecosystem.
Tether’s expansion has established a dominant market leadership with its closest competitor trailing by more than $100 billion in circulating supply. This size premium allows for business flexibility in product innovation and market development efforts.
Looking ahead, the next quarter will witness the establishment of a new US operation by Tether that is aimed at creating comprehensive financial products beyond the traditional stablecoins. Further, it will target the American market with offerings tailored to regulatory compliance and institutional onboarding.
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