Tether Surpasses $160B as Ethereum ETFs Grow and New Staking Fund Emerges

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The cryptocurrency market continues to show strong signs of growth, with three major developments making headlines: Tether’s stablecoin USDT (USD Tether) hitting a $160 billion market cap, record inflows into Ethereum exchange-traded funds (ETFs), and a new staking-based ETF filing from Canary Capital.

Tether Hits $160 Billion, Led by Tron’s Growth
Tether’s USDT reached a new milestone this week, surpassing $160 billion in market capitalization. Paolo Ardoino, CEO of Tether, announced the update on Thursday, calling it further proof that USDT is becoming a key digital dollar for users in emerging markets. The stablecoin previously crossed the $150 billion mark in May, showing strong and consistent growth.

According to on-chain data from DeFiLlama, the majority of USDT—about $81 billion—is hosted on the Tron blockchain. Ethereum holds the second-largest share with $65 billion, while other networks like BNB Chain, Solana, and Polygon make up less than $10 billion combined.

Ardoino added that more than 400 million people now use USDT worldwide. Tether continues to back its stablecoin mainly with short-term U.S. Treasury securities, which make up 81.5% of its reserves. The company currently holds over $127 billion in U.S. Treasuries, putting it among the world’s top 20 holders, alongside major countries such as Germany and South Korea.

Ethereum ETFs Reach Record Holdings
Meanwhile, Ethereum continues to attract attention from institutional investors. Ethereum-based ETFs have now accumulated 4.95 million ETH, following a recent $726 million inflow. These investments have helped push the price of Ether (ETH) above $3,400, a sign of rising confidence in the asset’s long-term value.

The increase in ETF activity reflects growing demand for regulated crypto investment products, especially from traditional investors looking for easier access to digital assets.

Canary Capital Files First U.S. Staked Injective ETF
Adding to the momentum, Canary Capital has filed for the first U.S.-based ETF focused on Injective (INJ) staking. This marks a significant step as more financial firms explore staking as a way to earn yield within regulated fund structures. As staking becomes a more attractive option for generating passive income, the move could set a trend for similar offerings in the future.

Taken together, these developments highlight a maturing crypto market where stablecoins, blockchain infrastructure, and regulated investment products continue to gain traction. The increasing involvement of institutional investors suggests that crypto is no longer a niche space, but a growing part of the global financial system.