Tether Holdings said its reserves backing USDT have crossed $120 billion for the first time, marking a new high for the world’s largest stablecoin. The company’s disclosure comes as stablecoins remain under close watch from regulators in the United States and Europe.

The reserve milestone is likely to draw fresh attention to how Tether manages its backing assets and reports its finances. Critics have long argued that stablecoin issuers should provide clearer, more frequent disclosure to prove that each token is sufficiently supported.

Tether has faced recurring questions over transparency and compliance, and the latest update is expected to keep those concerns in focus. Regulators have been tightening oversight of digital assets as policymakers seek to reduce risks tied to market stability, consumer protection and redemption confidence.

The company did not say the latest reserve figure changes its business practices, but the size of the balance underscores Tether’s central role in crypto trading. As stablecoins become more deeply embedded in digital finance, pressure is likely to grow for stronger reporting standards and closer regulatory supervision.