Is USDT the same as a US dollar?
USDT (Tether): $183.4B in circulation, not authorised under MiCA. USDC (Circle): $72.7B in circulation, authorised under MiCA in the EU.
A stablecoin aims to be worth exactly one dollar, but it is not a dollar in a bank account. USDT is a token issued by Tether and backed by its reserves — mostly US Treasuries and cash, plus some gold and bitcoin. There is no deposit insurance, and only verified customers can redeem with Tether itself.
How this list is made: computed from the live TokenBank dataset each time the page is built — 2 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-10-11 · this answer as JSON · not investment advice
Side by side
| USDT | USDC | |
|---|---|---|
| Liquidity | Traded on public markets — venues not verified | Traded on public markets — venues not verified |
| KYC to mint with the issuer | KYC required | KYC required |
| KYC to buy on a market | No KYC | No KYC |
| KYC to redeem | KYC required | KYC required |
| Assets under management | $183,360,958,165 circulating | $72,656,933,418 circulating |
| Jurisdiction | United States | United States |
| How to buy | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming directly with Tether needs a verified account and is aimed at large amounts. | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming 1:1 runs through Circle Mint, which is open to approved institutions only. |
More questions
Can USDT lose its peg?
It can trade below one dollar when markets doubt the reserves or many holders sell at once. USDT has recovered from short dips in the past, but nothing guarantees it will.
How do I turn USDT into real dollars or euros?
Most people sell it on an exchange for dollars, euros or another currency and withdraw to a bank. Redeeming directly with Tether requires an account with identity checks and a large minimum.
Which is the largest?
By size, USDT at $183.4B, followed by USDC at $72.7B. Size is not safety, but a larger product usually means a deeper market to sell into.