CryptocurrenciesTether USDt

Tether USDt

USDT#3

USDT is the largest US dollar stablecoin, issued by Tether and meant to stay worth US$1.

$0.9989

0.02%24h0.07%30d

Price as of Oct 19, 2026, 11:45 UTC

Market cap: $183.46B
Volume 24h: $45.49B
All-time high: $1.22; −17.82% from ATH
Circulating supply: 183.67B

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Liberandum halal verdict

Shariah criteria: 5 pass, 2 caution, 1 fail

Halal

حلال

Passes our Shariah screening. Needs caution: excessive uncertainty (gharar) and benefit and harm (maslahah). Fails: business model.

5 pass
2 caution
1 fail

Why it’s halal

Verdict history

Halal
CurrentOct 1, 2026
First publication

Verdict history · Tether USDt

First publication and every verdict change with its reason.

AI Insight

Price is pegged: attractiveness is not assessed

Long termNot enough dataPrice valuation: No dataFundamentals: Moderate (Supports)News background: Mixed (Neutral)Now · 2–12 weeksNot enough dataTrend: No dataUpside vs downside: No dataScenarios: No data

Low confidence · 2 of 6 criteria assessed

Explore the full analysis

Halal analysis AI Insight Legal status Description

AI Insight : Price is pegged: attractiveness is not assessed

Analysis at $0.9994 · Oct 8, 2026Data may be outdated

How the rating is built

Six criteria scored by code. The long term weighs 65%, the next weeks 35%. Missing data lowers confidence, not the rating.

Price and market criteria are recalculated daily

Low confidenceLow confidence · 2 of 6 criteria assessed

Months and years · 65%Long term: Not enough data

Price valuationweight 25%No data
Not assessed for this asset
Fundamentalsweight 30%Supports
Score 68 of 100
Team Moderate · Institutions Moderate · Tokenomics Moderate · Network Strong
News backgroundweight 10%Neutral
Score 50 of 100
Mixed · 0 up, 0 down in 30 days

Next 2–12 weeks · 35%Now: Not enough data

Trendweight 15%No data
Not assessed for this asset
Upside vs downsideweight 12%No data
Not assessed for this asset
Scenariosweight 8%No data
Not assessed for this asset

Criterion status: 60–100 supports, 40–59 neutral, below 40 weighs against. “Very attractive” is only possible when no criterion weighs against. Analytical information, not investment advice.

Fundamentals: Moderate

Moderate fundamentals: USDT is the dominant dollar stablecoin with a stable peg and a first full audit, but its issuer is privately controlled and its reserve buffer fell to a thin 2.24% in mid-2026.

Reviewed every 3 months and on major events

Team and developmentExperienced, privately controlledCEO Ardoino; chairman Devasini

Tether is run by a small, long-standing leadership group. Paolo Ardoino, formerly CTO, became CEO in December 2023, and Giancarlo Devasini chairs the board and signed the Q2 2026 reserve report. Control is private and concentrated, and there is no independent governance over reserve decisions. The track record is mixed: Tether has met large redemptions, but in 2021 the New York Attorney General and the CFTC penalised it over past claims about its backing. On 13 August 2026 Tether announced its first full audit, an unqualified KPMG opinion on its 2025 accounts, though the statements were not published with the announcement.

Tether appoints Paolo Ardoino as CEO
BDO ISAE 3000R report: Tether International Financial Figures and Reserves Report, 30 June 2026
Attorney General James ends virtual currency trading platform Bitfinex's illegal activities in New York
CFTC orders Tether to pay fines totaling $41 million
Tether completes the largest inaugural financial audit in history

Investors and institutionsClosely heldDevasini ~45% (Forbes est.)

Tether does not publish its shareholders. Forbes estimates chairman Giancarlo Devasini owns about 45%. Cantor Fitzgerald made a convertible debt investment in 2024 reported as worth a 5% stake, and it acts as reserve custodian for USAT. A planned raise of US$15–20B was scaled back and, per Bloomberg in March 2026, put on hold pending a full audit; no completed raise was found as of 16 September 2026.

Forbes profile: Giancarlo Devasini
Howard Lutnick softens stance on Tether stability, investment ties during Senate hearing (CoinDesk)
Tether debuts federally regulated USAT stablecoin via Anchorage Digital (CoinDesk)
Tether's landmark fundraise on hold as crypto giant seeks audit (Bloomberg)

TokenomicsBacked, with a thin buffer2.24% buffer; ~25% non-cash reserves

At 30 June 2026 reserves of US$187.75B exceeded liabilities by US$4.11B, only 2.24%. That buffer was US$8.23B at 31 March 2026. About 75% of reserves were cash equivalents, mostly Treasury bills and reverse repo. About 25% sat in gold (10%), secured loans (7%), bitcoin (3%), equities and undisclosed other investments. A 2.24% cushion is small against price swings in gold and bitcoin, and the BDO report shows a negative H1 2026 financial result of US$3.17B. S&P rated stability 5 ("weak") in November 2025.

BDO ISAE 3000R report: Tether International Financial Figures and Reserves Report, 30 June 2026
Tether posts $1.04B Q1 2026 profit, reaches all-time high $8.23B reserve buffer
Tether's USDT downgraded to weakest level at S&P Global (CoinDesk)

Usage and network healthLargest stablecoin by far~US$183B supply, ~60% share

On 16 September 2026 about US$183B of USDT circulated, about 59–64% of dollar stablecoins depending on the data source, with about US$92.6B on Tron and US$73.6B on Ethereum. Tronscan showed about 76.6 million addresses holding USDT on Tron (addresses, not people). Chainalysis estimated about US$703B of monthly transfers in 2024–2025. The peg has held tightly: the largest fall over the past year was 0.34%.

DefiLlama Stablecoins API
Tronscan API: USDT TRC-20 token
Chainalysis 2025 Global Crypto Adoption Index
CoinGecko: Tether (USDT)
CoinGecko API: coin categories (USD Stablecoin market cap)

News: Mixed

Between August and September 2026, Tether faced a critical US Senate report alleging USDT facilitates Iranian sanctions evasion, a security researcher warning of key-concentration risk on Tron-based USDT, and continued expansion into private credit via a new $400M StableFund venture with Fasanara Capital.

Reviewed monthly and when something material happens

All news

NeutralSep 29Tether responds to Senate report citing $550M in Iran-linked freezesTether said it helped freeze nearly $550M in Iran-linked USDT in 2026 and over $4.9B historically, pushing back on claims it enables sanctions evasion.
NeutralAug 17US Treasury proposes rule on stablecoin issuance and foreign issuers under the GENIUS ActThe proposal sets out when an issuer needs a US license and how foreign-issued stablecoins may be offered in the US, with restrictions on unlicensed stablecoins for US persons from July 2028. It frames the future of USDT on US platforms.
PositiveAug 13Tether completes its first full financial statement audit, by KPMGKPMG U.S. issued an unqualified opinion on Tether's financial statements for 2025, showing reserves above liabilities by about $6.8 billion. The lack of a full financial statement audit had been a long-standing criticism of the issuer.
PositiveJan 27Tether launches USAT, a federally regulated US dollar stablecoinUSAT is issued by Anchorage Digital Bank under OCC oversight for the US market, with Cantor Fitzgerald as reserve custodian. USDT remains the global product outside the US framework.
NegativeNov 26S&P Global lowers its USDT stability assessment to the weakest levelThe assessment moved from 4 (constrained) to 5 (weak). S&P cited a rising share of bitcoin, gold, secured loans and other higher-risk assets in reserves and gaps in disclosure. Tether said it strongly disagrees.
NeutralJul 18GENIUS Act signed into law, creating the first US federal stablecoin frameworkThe law requires 100% backing with liquid assets such as dollars and short-term Treasuries and monthly reserve disclosure. About a quarter of USDT reserves sit outside those asset types, and US platforms face a July 2028 deadline.
NegativeJan 17ESMA tells EU crypto platforms to restrict stablecoins not authorised under MiCAPlatforms were expected to stop trading stablecoins whose issuer is not authorised in the EU by the end of Q1 2025. Tether had no MiCA authorisation, and Coinbase Europe had already delisted USDT in December 2024.

Price & market

7D30D1Y

Oct 12Oct 14Oct 16Oct 17Oct 19

Sep 19Sep 27Oct 4Oct 12Oct 19

Oct 19Jan 18Apr 20Jul 20Oct 19

The lines show price levels where buying has been more favourable. Not a trade signal.

Market picture

Updated weekly

Section in preparation

AI-generated analysis for informational and analytical purposes only. Not financial advice or a recommendation to buy, sell, or hold any assets. Full disclaimer

The technical analysis provided by Liberandum is generated using artificial intelligence algorithms and publicly available market data. All information is strictly for informational and analytical purposes only.

It does not constitute financial advice, investment guidance, or a recommendation to buy, sell, or hold any assets. Liberandum assumes no responsibility for inaccuracies, data delays, errors, or third-party interpretations.

Users should independently assess all risks and verify any critical information, consulting qualified financial professionals when necessary.

Technical analysis

Section in preparation

Updated every 4 hours

Where it trades

9 exchanges from our coverage · no referral links

ExchangeVolume 24hReliabilityHalal product

KrakenCentralized · USDT/USDVolume 24h$304.25MReliability7.4Halal productNo halal product
Bitstamp by RobinhoodCentralized · USDT/USDVolume 24h$52.38MReliability7.2Halal productNo halal product
BinanceCentralized · USDT/BRLVolume 24h$126.2MReliability6.7Halal productShariah-compliant earn
OKXCentralized · USDT/BRLVolume 24h$26.44MReliability6.7Halal productNo halal product
Coinbase ExchangeCentralized · USDT/USDVolume 24h$141MReliability6.6Halal productNo halal product
UpbitCentralized · USDT/KRWVolume 24h$70.55MReliability6.5Halal productNo halal product
KuCoinCentralized · USDT/USDCVolume 24h$8.2MReliability5.6Halal productNo halal product
BithumbCentralized · USDT/KRWVolume 24h$91.76MReliability3.9Halal productNo halal product
BitfinexCentralized · USDT/USDVolume 24h$154.53MReliability3.3Halal productNo halal product