Tether published its market report for the fourth quarter of 2025 this week. The capitalization of USDT grew to $187.3 billion. Over three months, the market added $12.4 billion.
Growth was driven by an influx of new users. In the fourth quarter of 2025, Tether attracted 35.2 million new users.
The total number of USDT users worldwide now exceeds 534 million. This quarter marked the eighth consecutive quarter with an increase of more than 30 million people.
The number of on-chain holders grew by 14.7 million and reached 139.1 million. At the same time, wallets with USDT now make up 70.7% of all stablecoin wallets.
Record Audience Growth in Tether Q4 2025 Report
Audience growth was the main driver of Tether results this quarter. The number of USDT users increased significantly. Monthly on-chain activity reached a historic high of 24.8 million.
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According to Tether , more than 100 million people hold USDT on centralized exchanges. The stablecoin is used not for trading, but for everyday tasks such as savings, settlements, and international transfers. These scenarios are currently driving the main influx of users.
Compared to previous market cycles, the role of speculation has decreased. More and more people are choosing USDT because of its stability and ease of use.
USDT Surpasses Competitors Amid Market Shock
The crypto market experienced significant stress during this period, but USDT proved more resilient than its competitors. After the liquidation event on October 10, 2025, the total market capitalization dropped by more than 30%. Volatility rose sharply.
Against this backdrop, Tether managed to increase USDT capitalization by 3.5%. Meanwhile, the second-largest stablecoin lost 2.6%, and the third dropped by 57%. In unstable conditions, users chose USDT.
A record number of transfers passed through the network during the quarter. The total volume of on-chain transactions reached $4.4 trillion. USDT maintained its lead on centralized exchanges, accounting for 61.5% of spot turnover.
The growth in trading share reflects the practical role of USDT. It is used as the main settlement tool and source of liquidity in the market.
Tether Expands Reserves for USDT Stability
The stablecoin issuer’s reserves increased by $11.7 billion and reached $192.9 billion. The reserve structure became more diversified. Key assets now include $141.6 billion in US Treasury bonds, 96,184 BTC and 127.5 tons of physical gold.
This set of assets underscores Tether‘s commitment to backing USDT not only with cash equivalents but also with highly reliable physical reserves.
USDT issuance volumes continue to grow. At the beginning of 2026, new tokens worth billions of dollars were issued. Steady demand for USDT points to its important role in the broader financial ecosystem.
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Recently, USDT briefly fell below $1. The deviation was minor and quickly corrected. Given the scale of Tether ‘s influence on the crypto market, any prolonged depegging could seriously impact liquidity and participant trust.
Against this backdrop, pressure is increasing on the entire crypto market. Bitcoin dropped below $71,000, and Ethereum fell below $2,100. Amid active selling, the volume of liquidations with leverage in a day approached $800 million.
