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 Bridged supply Methodology

## 1. Overview

Bridged supply is defined as the total value of stablecoins and gold-backed assets utilized outside of their native issuance chains. User demand and liquidity distribution for Tether USD, Tether USDT0, and Tether Gold Tokens assets across non-native networks are reflected by this metric. By tracking the net flow of assets through minting and burning mechanisms on destination chains, the volume of bridged assets is monitored. Insights into cross-chain asset adoption and utility are provided to institutional investors.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from Tether USD, Tether USDT0, and Tether Gold Tokens contracts, covering BNB Chain, Arbitrum, Optimism, Polygon, and 2 other chains
- **Asset metrics**: Circulating market cap data for Tether USDT0 from the asset metrics pipeline
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Tether USD and Tether Gold Tokens bridge activity tracking

- **Purpose**: Capture minting and burning events for Tether USD and Tether Gold Tokens on non-native chains
- **Logic**: ERC-20 `Transfer` events are parsed for Tether USD and Tether Gold Tokens contracts. Mint events are identified where the sender is the null address. Burn events are identified where the recipient is either the null address or the dead address. Daily net deltas are calculated by subtracting burned amounts from minted amounts.
- **Key fields**: `from_address`, `to_address`, `value`, `block_timestamp`

### Component B: Tether USDT0 circulating supply tracking

- **Purpose**: Retrieve the circulating market cap for Tether USDT0
- **Logic**: Circulating market cap data for Tether USDT0 is extracted from the asset metrics pipeline where the bridged flag is active. The outstanding supply of Tether USDT0 across supported destination chains is represented by this data.
- **Key fields**: `asset_market_cap_circulating`, `timestamp`, `chain_id`

### Component C: Cumulative supply calculation and USD conversion

- **Purpose**: Calculate the running bridged supply and convert values to USD
- **Logic**: For Tether USD and Tether Gold Tokens, the daily net deltas are aggregated cumulatively over time to determine the outstanding bridged supply per chain. These cumulative balances are normalized by decimal precision using asset metadata and multiplied by end-of-day price feeds to convert the values to USD. The resulting USD values are combined with the Tether USDT0 circulating supply data.
- **Key fields**: `bridged_supply`, `price_usd`, `decimals`

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

Value of issued stablecoins used outside their native issuance chain.

Tether

Bridged supply

Bridged supply

Competitive landscape

Chain breakdown