USAT, issued by Tether International, S.A. de C.V., is a fiat-pegged stablecoin that represents a contractual right to redeem at one U.S. dollar (USD) per token, less applicable fees, and is not a deposit or segregated asset. [S1]

Each USAT token is pegged 1-to-1 to the U.S. dollar (USD) and is backed 100% by Tether's reserves, which Tether records and publishes on its transparency page updated periodically with attestation reports. [S2][S3] Tokens redeem at the pegged value less fees and do not pass through yield to tokenholders. [S1][S2] Primary Market acquisitions carry a fee of 0.1%, redemptions the greater of 1,000 USD or 0.1%, and a non-refundable 150 USD verification fee applies to account setup. [S4]

The issuer, Tether International, S.A. de C.V., redomiciled from the British Virgin Islands to El Salvador effective January 27, 2025, and is authorised as a Stablecoin Issuer and Digital Assets Service Provider under the National Commission of Digital Assets (CNAD). [S1] Tokens are backed by Reserves but are not fiat, legal tender, or subject to FDIC or SIPC protection, and wallet balances are not segregated in the holder's name. [S1] Customers must complete KYC, AML, and CTF verification; U.S. Persons, Canadian Persons, Singaporean Persons, and residents of Prohibited Jurisdictions are barred. [S1][S2] Redemption occurs through the Primary Market at one USD less fees, with a 100,000 USD minimum. [S1][S4]

USAT is issued onchain on supported public networks, including Ethereum, Tron, Solana, Avalanche, Algorand, and Ton. [S2] Tether mints tokens only upon purchase by KYC-verified customers in the Primary Market and transfers them to the customer's designated wallet, with title passing on transmission; tokens are burned on redemption or held in treasury for future issuance. [S1][S2]

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://tether.to/en/legal/" },
    { id: "S2", url: "https://tether.to/en/how-it-works/" },
    { id: "S3", url: "https://tether.to/en/transparency/?tab=usdt" },
    { id: "S4", url: "https://tether.to/en/fees/" },
  ]}
/>


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Stablecoins

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.

twitter

website

Stablecoin issuers

Tether

Tether America USD (USAT) is a U.S. dollar stablecoin issued by Tether.

USAT has been issued on Ethereum as an ERC-20 token since December 2025, with a bridged version on one more network.

Tether America USDUSAT