USDT, USDC and the digital currencies pegged to the dollar and the real: issuance, reserves, regulation and their role in international payments.
The issuer of USDT debuted, on January 27, 2026, a second dollar stablecoin aimed at the US market. USDT remains the currency of global use, including international payments.
On November 26, 2025, S&P Global Ratings placed USDT in the lowest band of its stability scale. Tether disputes the methodology and says its reserves exceed the amount issued.
The first US federal stablecoin law requires full reserves and monthly reports. For USDT, issued outside the US, the route is the foreign issuer pathway, with a three-year deadline.
The market for digital currencies pegged to the real is small next to dollar stablecoins, but it already circulates on public blockchains. See who issues them, what backs their value and why this is not Drex.
In February, Gabriel Galípolo said about 90% of crypto asset use in the country is tied to stablecoins, used mainly to pay for purchases abroad. See what that means and how the Central Bank plans to regulate the sector.
The issuer of USDT announced in January that it is moving its headquarters to El Salvador and, on January 31, reported annual profit above US$13 billion, with US$113 billion in US Treasuries. The figures come from Tether itself, with an attestation by BDO, not from a full audit.
The European crypto-asset regulation applied in full on December 30, 2024. Tether has no authorization as an e-money token issuer, and Coinbase has already removed USDT from European retail. See the effect for anyone with a supplier in the European Union.
With more than US$130 billion in circulation, USDT is the world's most widely used stablecoin. See who issues it, how the digital dollar is created and redeemed, what the September 2024 attestation shows about the reserves and where the risks lie.