Even as the broader crypto market suffered a sharp downturn, Tether continued to expand its user base at a rapid pace. USDT added an estimated 35.2 million users in the fourth quarter of 2025, lifting total adoption to roughly 534.5 million users across on chain wallets and centralized platforms.
USDT’s market capitalization climbed to 187.3 billion dollars during the quarter, marking the eighth straight quarter in which the stablecoin attracted more than 30 million new users. Growth remained steady despite heavy losses across the wider digital asset market.
USDT Sets New Milestones
On chain USDT holders increased by 14.7 million in the quarter, reaching a record 139.1 million wallets. Nearly one third of these holders were classified as full savers, retaining all USDT received, while smaller portions held most or some of their balances. Monthly active on chain users averaged 24.8 million, accounting for more than two thirds of all stablecoin activity, the highest level ever recorded.
Tether’s reserves rose to 192.9 billion dollars in Q4, supported by larger Bitcoin, gold, and US Treasury holdings. In 2025 alone, Tether added 28.2 billion dollars in Treasuries, making it one of the largest global buyers.
Following the October 2025 liquidation wave, total crypto market value fell by over one third. In contrast, USDT supply grew by 3.5 percent, outperforming rival stablecoins that saw notable declines.
Fundraising Plans Scaled Back
Recent reports suggest Tether reduced its fundraising ambitions after investor concerns over valuation. Discussions now center on a smaller raise, with leadership emphasizing that external capital is not urgently needed.
