Despite a sharp crypto market crash in October 2025, Tether’s USDT continued to expand, showing how deeply the stablecoin is embedded in everyday crypto use. In its latest quarterly report, Tether revealed strong growth across users, reserves and on-chain activity.
USDT’s market cap climbed to a record $187.3 billion in the fourth quarter, rising by $12.4 billion over the three-month period. During the same timeframe, an estimated 35.2 million new users joined, pushing the total global user base past 534 million. This marked the eighth consecutive quarter in which the platform added more than 30 million new users.
On-chain holders also increased, with wallet numbers rising to 139.1 million. USDT now accounts for over 70% of all stablecoin wallets, while monthly active on-chain users averaged a record 24.8 million. Tether estimates that more than 100 million users hold USDT on centralised platforms.
Reserves grew to $192.9 billion, backed largely by U.S. Treasuries, bitcoin and gold. Even as the broader crypto market shrank sharply, USDT continued to grow, underlining its role as a store of value and payment tool beyond trading alone.
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