.png){kind=logo}
USDTT hits $160B as Tether expands in emerging markets, led by Tron’s dominant supply.
Ethereum ETFs now hold 4.95 million ETH after a $726 million inflow, pushing the ETH price above $3,400.
Canary Capital files for first US-staked Injective ETF amid growing staking fund demand.
Key developments in the cryptocurrency market marked the most significant parts of our crypto news today. Tether USDT stablecoin passed another milestone, Ethereum ETFs had record inflows, and Canary Capital registered a new ETF staking on Injective. These developments marked the renewed institutional interest and sustained popularity of blockchain-based financial products.
Tether’s USDT stablecoin reached a $160 billion market capitalization, according to a Thursday update from CEO Paolo Ardoino. He described the milestone as confirmation of USDT’s growing importance as a digital dollar, especially for emerging markets. Tether last crossed the $150 billion mark in May.
Ardoino also noted that over 400 million users globally now rely on USDT. On-chain data from DeFiLlama shows that Tron remains the dominant blockchain for USDT issuance, with approximately $81 billion hosted on its network. Ethereum follows with $65 billion, while BNB Chain, Solana, and Polygon collectively account for less than $10 billion.
Tether continues to use short-term US Treasurys to back USDT, which now constitutes 81.5% of its assets. The company already maintains more than $127 billion in the US Treasurys, placing it among the top 20 holders globally, alongside major economies like Germany and South Korea.
Tether has been actively minting new tokens. The company minted another $1 billion on Wednesday, bringing the total new issuance to over $4 billion in a week. Meanwhile, Tether has confirmed its plans to stop supporting USDT on five legacy blockchains, including Omni Layer and Algorand, starting September 1, in favor of more efficient and scalable networks.
Also Read: Ethereum Price Prediction 2025: Can ETH Reach $6,500?
Ethereum-based ETFs saw their largest inflows ever amid a surge in the total amount of ETH held by spot ETF products to 4.95 million. According to The Block Data Dashboard, these holdings rose sharply following a single-day net inflow of $726 million on Wednesday.
The surge in institutional demand pushed Ethereum’s price past $3,400, marking an 8% gain in 24 hours. ETH was trading at $3,424.73 on Thursday morning. Analysts attributed the rise to growing confidence in Ethereum’s ecosystem, which is backed by the restructuring of the Ethereum Foundation and the establishment of new institutional treasuries.
July has already become the best-performing month for Ethereum ETFs. They have attracted $2.27 billion in inflows, with BlackRock’s ETHA fund accounting for $499 million. BlackRock, Fidelity, and Grayscale remain the largest issuers by assets under management.
Market analysts noted that Ethereum ETFs now hold nearly 4% of the asset’s total supply. At the current pace, institutional funds could absorb an additional 10% of total ETH within one year.
Canary Capital has filed a new application with the US Securities and Exchange Commission for a staked Injective (INJ) ETF. If approved, it would be the first US-based ETF to offer exposure to staking rewards from the Injective blockchain.
The ETF filing marks Canary’s latest effort to expand its crypto fund offerings. The firm previously proposed staked ETFs for Tron, Cronos, SEI, and other networks. Canary stated the new fund aims to lower the technical barrier to staking while providing regulated access for institutional and retail investors.
Regulators in the Trump administration have been more friendly to stakeholder products. SEC Chairman Paul Atkins and Commissioner Hester Peirce have encouraged stakeholder involvement and expression regarding compliance. Recently, the agency authorized a Solana ETF based on staking and a combined crypto ETF by Grayscale, which was suspended.
Injective’s native token, INJ, traded at $13.92 on Thursday, up 3.94% for the day. The asset previously reached an all-time high of $52.62 in March 2024. Injective now features native Ethereum Virtual Machine (EVM) support and has received backing from firms such as Binance and Jump Crypto.
