Tether Holdings said its reserves have risen to $120 billion, as the supply of its USDT stablecoin climbed above $110 billion. The company said the figures reflect strong demand from institutions using the token for trading and transfers.

USDT is the largest stablecoin in the crypto market and is widely used as a dollar-linked asset in digital trading. Tether’s latest disclosure highlights how quickly demand for stablecoins has grown, even as regulators continue to scrutinize the sector’s transparency and reserve practices.

The company has faced repeated questions over the years about the makeup of its backing assets, but it has continued to publish reserve updates as part of its reporting. The latest numbers suggest the token’s reach remains expanding across crypto markets.

Stablecoins have become a central part of digital asset trading because they offer a way to move value without the volatility of many other cryptocurrencies. Tether’s latest update may reinforce confidence among users, while also renewing debate over oversight and risk in the fast-growing market.