TetherUSDT

The largest US-dollar stablecoin, issued by Tether and backed mainly by US Treasury bills.

Rank #3Since October 2014

Price on 31 Oct 2026

C$1.40 -0.5% since 31 Jul 2026 · 20.7% below its all-time high

The short version

Tether (USDT) is a digital dollar issued by Tether, a company owned by iFinex and based in El Salvador since Jan 2025. BDO's attestation for 30 Sep 2026 showed US$191.45B of reserves against US$183.50B of liabilities, mostly US Treasury bills. Tether can freeze addresses and said in Oct 2026 it had frozen more than US$5B linked to crime. On 31 Oct 2026 one USDT cost C$1.40. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.5% in Canadian dollars, and it was 20.7% below its all-time high of C$1.76 set on 25 Jan 2025.^[1]

Facts checked 2 Nov 2026 · 14 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.43 (12 Oct 2026) · low C$1.35 (29 Jan 2026) · -0.8%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.39	US$0.9991
30 Sep 2026	C$1.42	US$0.9997
31 Aug 2026	C$1.39	US$0.9999
31 Jul 2026	C$1.40	US$0.9993
30 Jun 2026	C$1.42	US$0.9988
31 May 2026	C$1.38	US$0.9989
30 Apr 2026	C$1.36	US$0.9996
31 Mar 2026	C$1.39	US$0.9993
28 Feb 2026	C$1.36	US$1.00
31 Jan 2026	C$1.35	US$0.9988
31 Dec 2025	C$1.37	US$0.9990
30 Nov 2025	C$1.40	US$1.00

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.40^[1]
3-month change: -0.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 20.7% below its high of C$1.76 (25 Jan 2025)^[1]
Market rank: #3, market value about C$252.1B^[1]
Kind: Stablecoin · Tron and Ethereum hold most of the supply; also issued on many other networks
Started: October 2014

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?YesTether mints USDT against deposits and burns on redemption; an owner multisig controls the contract^{[2, 3]}

Can anyone freeze or take coins from holders?YesTether blacklists and destroys funds under its published terms; CNAD-authorized issuer; over US$5B frozen^{[4, 3, 5, 6]}

Can the token's contract code be changed?NoFixed contract code on Ethereum, not a proxy^[7]

Is the supply capped?NoNo maximum; supply follows deposits and redemptions^[8]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[2]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; coins are issued only against deposits^[2]

Do network fees reach coin holders?NoTether keeps the reserve income; holders earn no yield^[9]

Main network hacked or halted in the past 2 years?NoNo exploit of Tether's token contracts found since Nov 2024^[10]

Is a regulator or court case targeting the coin itself?NoNYAG (2021) and CFTC (2021) matters were settled and closed; no live case found^[4]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Tether (Tether Holdings, BVI; HQ El Salvador since Jan 2025), owned by iFinex; CEO Paolo Ardoino since Oct 2023^[4]
Admin powers: Tether can mint, blacklist and destroy blacklisted funds; a pause function exists; the owner key is a multisig^{[3, 7]}
Past cases: NYAG settlement of US$18.5M (17 Feb 2021) and CFTC fine of US$41.6M (15 Oct 2021), both closed^[4]
Licence: Tether International, S.A. de C.V. holds El Salvador CNAD stablecoin-issuer authorization and DASP registration PSAD-0028 (20 Feb 2026 filing)^[6]

Supply

In circulation: 180.12B USDT of 185.59B in total (97.1%)^[1]
Maximum supply: None set^[1]
Outstanding: US$179.3B on 2 Nov 2026, down from US$183.9B a month earlier; Tron US$92.4B, Ethereum US$70.2B^[8]
Reserves: US$191.45B on 30 Sep 2026: US$122.84B T-bills, US$19.08B precious metals, US$8.37B bitcoin; excess US$7.95B^[2]
Attestation: Quarterly by BDO; latest as of 30 Sep 2026; a point-in-time check, not a full audit^[2]

Use and fees

Reserve income: About US$5.96B over the past year, kept by Tether (DefiLlama estimate); Q3 2026 profit US$1.5B^{[9, 2]}
Freezes: More than US$5B frozen with law enforcement by Oct 2026; 378.7M USDT frozen after a hack on 29 Oct 2026^{[4, 11]}
US version: USAT, issued by Anchorage Digital Bank under US rules since Jan 2026, held US$141.2M of reserves in Apr 2026^[12]

Trading

Daily trading: About C$72.3B a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 27.40% of its market value changes hands each day^[1]
20-week average: 0.0% below its 20-week average price^[1]
1-year change: -0.1% in C$^[1]^[13]

History

Not a forecast

Coins ranked 2-10 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 243 cases, 23 coins

49% were higher a year later^[14]

Typical result: Median -1% after a year; 72% higher after two years
Lost half or more: 21% within a year
Against Bitcoin: 7% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

Tether's terms (26 Feb 2026) let it freeze, seize or blacklist USDT; it froze 378.7M USDT on 1 Nov 2026, linked to a US$6.3B hack on 29 Oct.^{[5, 11]}
A US Senate inquiry in 2026 is examining Iran-linked use of USDT; a 2024 press report of a US criminal probe has led to no announced action.^[4]
Tether's US-regulated USAT grew from about 22M to over 140M tokens between March and April 2026.^[12]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.