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Tether CEO Paolo Ardoino said USDT transfers now represent 40% of all blockchain charges.
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The data shows USDT’s deep and systemic importance in the on-chain economic system.
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The company posted a profit for the first half of 2025 of $5.7 billion.
Tether CEO Paolo Ardoino revealed that USDT (USDT), transfers of the currency, now accounts for 40 percent of all blockchain transactions fees paid across nine major Blockchain networks.
This single data point shows how USDT dominates on-chain activities and generates fees for a variety of protocols, such as Ethereum, Tron and Solana.
Tether’s Massive Financial Scale
Tether’s market cap crossed the $100 billion mark in Q2 of 2025 and reached approximately $157 billion by June 30, 2025. In Q1 2025, its supply alone accounted for nearly 8.6% of total cryptocurrency market value. The company reported net profits of $4.9 billion for Q2 2025 ending June 30, 2025. This brings its total for the first six months of the year up to $5.7 billion.
Related: Tether Reports $4.9B Q2 profit and $2.6B gains from Bitcoin, Gold Reserves
The company holds around $98 Billion in U.S. Treasury Bills, making it the largest institution holder of U.S. Debt in the world. Its market share has been so significant that researchers estimate that its buying activity helped lower one-month Treasury rates by as much as 24-basis points.
How USDT drives network economics
USDT’s high fees are due to the fact that users flock towards blockchain networks with the lowest transfer fees. Tron and Binance Smart Chain currently handle a large amount of USDT due to their low transaction costs, which range from $0.01 to $0.05 per transfer.
In many emerging markets, businesses and individuals use USDT to make payments, send money abroad, and save, especially in areas with unstable local currencies. This usage increases the fee footprint of USDT across all networks.
Tether’s Next Step and Regulatory Counterpoint
Financial analysts and regulators have highlighted the risks associated with Tether’s size and market dominance. Tether has been criticized for its transparency in reserves and compliance practices.
Tether has published quarterly attestations but it has not yet produced a full audit from an external auditor confirming that the fiat dollar backing is 100 percent. Legislative proposals, such as the U.S. GENIUS Act passed in July 2025, aim to bring stablecoins into a stricter regulatory framework.
The USDT transfer’s huge share in blockchain fees highlights the market’s reliance and systemic importance on the stablecoin. Tether’s evolving strategic plan now includes plans for a zero-fee, or Plasma, blockchain.
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