Users deposit funds into Tether account and receive USDT at a 1:1 rate.

Tether is a financial technology company that is the principal architect of USDT - full-reserve fiat stablecoin that bring US dollar liquidity on-chain.

Tether is a private company owned by the Hong Kong-registered iFinex Inc.

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Stablecoin issuers

Tether

# Tether Circulating asset market cap Methodology

## 1. Overview

The Tether asset market cap circulating metric measures the USD value of Tether tokens (USDT, EURT, Tether Gold) that are actively circulating in the market, excluding tokens held in treasury addresses. This metric provides insight into the actual market capitalization of Tether stablecoins available for trading and use. The calculation tracks mint and burn events across multiple blockchain networks, subtracts treasury holdings, and converts the result to USD using end-of-day price feeds.

## 2. Data sources

- **Tether contract events**: Parsed mint events (`Issue`, `Mint`), burn events (`Redeem`, `DestroyedBlackFunds`, `DestroyedBlockedFunds`) from Tether smart contracts on Ethereum, Tron, Avalanche, and Celo networks
- **TON blockchain data**: Parsed `Jetton_Transfer` events for USDT transfers to identify mints (from treasury) and burns (to treasury)
- **Aptos blockchain events**: Mint and burn events from Tether USDT implementation on Aptos network
- **Solana supply data**: Outstanding supply information for Tether tokens on Solana
- **Token balance snapshots**: Daily balance data for designated Tether treasury addresses across supported chains
- **End-of-day price feeds**: Token price data for USD conversion of final circulating supply amounts

## 3. Step-by-step calculation

### Component A: Mint event processing
- **Purpose**: Identifies when new Tether tokens are created and added to circulation
- **Logic**: Extracts mint events (`Issue` events on Ethereum/Tron, `Mint` events on Avalanche/Celo/Ethereum for EURT/Tether Gold) from parsed blockchain event logs. Each event contains the minted `amount` and contract `address`. For TON, identifies mints as `Jetton_Transfer` events where the `source` address matches the treasury address. For Aptos, extracts mint events from blockchain event logs. Converts raw token amounts to standard decimal representation by dividing by 1e6
- **Key fields**: `block_timestamp`, `amount` (converted to standard decimals), `chain`, `product_id` (usdt/eurt/Tether Gold), `token_address`

### Component B: Burn event processing  
- **Purpose**: Identifies when Tether tokens are destroyed and removed from circulation
- **Logic**: Extracts burn events (`Redeem`, `DestroyedBlackFunds`, `DestroyedBlockedFunds` events) from parsed blockchain event logs across supported chains. Each event contains the burned `amount` and contract `address`. For TON, identifies burns as `Jetton_Transfer` events where the `destination` address matches the treasury address. For Aptos, extracts burn events from blockchain event logs. Converts raw amounts to standard decimals and applies negative values to represent supply reduction
- **Key fields**: `block_timestamp`, `amount` (negative value, converted to standard decimals), `chain`, `product_id`, `token_address`

### Component C: Daily supply aggregation
- **Purpose**: Calculates net daily change in token supply for each chain and token
- **Logic**: Combines mint and burn data, truncating timestamps to daily boundaries. Groups by timestamp, chain, product ID, and token address. Sums all mint amounts (positive) and burn amounts (negative) to get daily net supply change (`outstanding_delta`)
- **Key fields**: `timestamp` (daily), `outstanding_delta` (net daily supply change)

### Component D: Cumulative supply calculation
- **Purpose**: Tracks total outstanding supply over time using running totals
- **Logic**: Applies cumulative sum window function over daily supply changes, partitioned by chain, product ID, and token address, ordered by timestamp. This creates a running total of outstanding supply from the first recorded mint/burn event
- **Key fields**: `outstanding_supply` (cumulative total)

### Component E: Treasury balance adjustments
- **Purpose**: Removes tokens held in Tether treasury addresses from circulating supply
- **Logic**: Calculates daily token balances for specified treasury addresses using token balance snapshots. For USDT, tracks balance at address `0x6c96de32cea08842dcc4058c14d3aaad7fa41dee` on Ethereum. For Tether Gold, tracks balance at address `0xb9c2321bb7d0db468f570d10a424d1cc8efd696c` on Ethereum. Applies negative values to these balances to subtract from total outstanding supply
- **Key fields**: `token_balance` (negative value to reduce circulating supply)

### Component F: Cross-chain consolidation
- **Purpose**: Handles special cases for TON and Aptos chains that report to Ethereum addresses
- **Logic**: Maps TON and Aptos supply data to corresponding Ethereum token addresses for reporting consistency. TON USDT maps to Ethereum USDT address `0xdac17f958d2ee523a2206206994597c13d831ec7`. Aptos USDT maps to the same Ethereum address. Maintains original chain information while using standardized token addresses for aggregation
- **Key fields**: `chain_id` (standardized), `real_chain_id` (original), `token_address` (standardized), `real_token_address` (original)

### Final aggregation
- **Combining components**: Sums outstanding supply from mint/burn tracking and subtracts treasury balances for each timestamp, chain, and token combination
- **Currency conversion**: Applies USD conversion using end-of-day token price feeds via the `convert_to_usd_and_correct_decimals` macro, maintaining original decimal precision
- **Time aggregation**: Groups data by daily timestamps and applies forward-fill strategy to ensure continuous time series coverage
- **Final calculation**: The final metric value represents the USD value of circulating Tether tokens, calculated as (total minted - total burned - treasury holdings) × token price in USD

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Tether

Circulating asset market cap

Circulating asset market cap

Competitive landscape

Chain breakdown