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USDT added over 35 million users in Q4 2025
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Market capitalization rose to $187.3 billion
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Growth continued despite a major crypto market downturn
Strong User Adoption in a Volatile Market
Tether reported record growth for its USDT stablecoin in the fourth quarter of 2025, even as broader crypto markets experienced sharp declines.
The stablecoin’s market capitalization increased by $12.4 billion during the quarter, reaching a new high of $187.3 billion.
Expanding Global Usage
Tether estimated that its user base grew by 35.2 million in Q4 alone, bringing total users to over 534 million worldwide. Onchain holders reached 139.1 million, while centralized platforms accounted for more than 100 million additional users.
USDT wallets now represent over 70 percent of all stablecoin wallets.
Reserves and Market Resilience
Tether’s total reserves rose to $192.9 billion, backed primarily by US Treasurys, alongside bitcoin and gold holdings. The company noted that USDT continued to grow even as the total crypto market cap fell sharply following October’s liquidation event.
Tether attributed this resilience to USDT’s role beyond trading, including payments, remittances, and wealth storage.
