Tether's Bill Roll Hits $40 Billion Monthly

Tether's monthly bill roll has been averaging around $40 billion to stand still, as per their own attestation. This is a significant figure, considering the Fed's own bill roll runs about $119 billion per month. Tether's liabilities went from $186.5 billion at the end of December to $183.6 billion at the end of June.

The global supply of USDT has been decreasing, with a 2.1 billion drop in 30 days. This decline is not just limited to Ethereum, where 2.7 billion USDT was drained from the platform. Tron's USDT supply also saw a slight increase of $181 million.

The ratio of USDT to DeFi on both platforms reveals some interesting insights. On Tron, 89.8 billion of USDT sits next to 28 billion of . The ratio is 3208 to 1. On Ethereum, the ratio is 1.59 to 1. Justlend, a protocol on-chain, accounts for 69% of Tron's DeFi activity.

The data suggests that nobody is borrowing, with only 4.3% of total utilisation in active loans against 2.9 billion of deposits. The majority of stablecoin transfer volume is peer-to-peer, with 93% of transfers being tickets under $1000, indicating a remittance rather than trading activity.