Catenaa, Monday, February 09, 2026- Tether’s USDT stablecoin posted record user growth in the fourth quarter of 2025, even as the broader crypto market faced a major shock in October.
According to Tether’s Q4 market report, USDT’s market capitalization reached $187.3 billion, up $12.4 billion during the quarter, while total users grew by an estimated 35.2 million to 534.5 million worldwide.
On-chain holders increased by 14.7 million to 139.1 million, representing 70.7% of all stablecoin wallets. Tether said more than 100 million users hold USDT on centralized platforms.
Monthly active on-chain users reached an all-time high average of 24.8 million for the quarter.
Tether’s total reserves rose $11.7 billion to $192.9 billion, including 96,184 BTC, 127.5 metric tons of gold, and $141.6 billion in U.S. treasuries.
The report noted that USDT’s growth is driven by use cases beyond crypto trading, with users relying on it to store wealth and facilitate transactions despite market volatility.
The report highlighted resilience amid a crypto liquidation event on October 10, 2025, which contributed to a broader decline in crypto prices. Bitcoin has since traded near $71,200, its lowest level since October 2024.
Tether said USDT grew 3.5% during the period, while the second and third largest stablecoins fell 2.6% and 57%, respectively.
In parallel, Tether revised fundraising plans, reducing the proposed raise to $5 billion, down from an earlier target of $20 billion.
The company continues to prioritize stability and adoption as it navigates volatile market conditions and expands its user base globally.
