It was $182 to $188 billion.
DefiLlama counted about $184.2 billion of USDT in circulation early on Wednesday, close to the middle of the middle range. That's more than half of the roughly $314 billion of stablecoins it tracks.
Why the number matters
Tether can freeze any of those dollars, and that's what Conduit's lawsuit is about. Conduit says $2.76 million of its USDT has been locked for more than a year, about 0.0015% of the total. That's a rounding error next to the supply and a real hole for a payments company that needs the cash to pay its clients.
The figure moves every day as Tether issues new tokens and redeems old ones. A few billion either way wouldn't change its place as the largest stablecoin.
Another one next Wednesday.