Tether reported record growth across nearly every USDT metric in the fourth quarter of 2025, even as crypto markets reeled from October’s liquidation cascade. The company’s quarterly report shows USDT’s market capitalization rising by $12.4 billion during the quarter to a new high of $187.3 billion, extending its lead over rival stablecoins that saw flat or sharply negative growth.
Onchain holders climbed by a record 14.7 million to 139.1 million, with USDT wallets now representing 70.7% of all stablecoin wallets. Monthly active onchain users also hit an all-time high of 24.8 million.
On the balance sheet, Tether’s total reserves grew $11.7 billion to $192.9 billion, including $141.6 billion in U.S. Treasuries, 96,184 BTC, and 127.5 metric tons of gold. Tether said the data shows USDT is increasingly used not just for trading, but as a store of value and payment rail, even during periods of market stress. However, Tether is reportedly scaling back discussions for a massive $15–$20 billion fundraising after investors balked at a valuation near $500 billion, with advisers now considering a much smaller raise despite the stablecoin issuer generating billions in annual profits from assets backing USDT.
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