In Q4 2025, USDT updated key market and on-chain metrics. The asset’s market capitalization grew to $187.3 billion, while the number of users increased to 534.5 million.
According to a Tether report, the market capitalization of the USDT stablecoin increased by $12.4 billion in Q4 2025, reaching $187.3 billion. October was the most active month of the reporting period, during which the asset’s cap grew by 4.9%.
The growth in the stablecoin’s market capitalization was accompanied by an increase in the issuer’s reserves. By the end of Q4 2025, Tether’s total reserves reached $192.9 billion, up $11.7 billion QoQ. Net equity amounted to $6.3 billion.
Tether’s investments in U.S. Treasuries increased by $6.5 billion to $141.6 billion. According to the company, Tether is among the top 20 largest holders of U.S. government securities, surpassing Saudi Arabia and Germany. Over the course of 2025, the company purchased a total of $28.2 billion worth of U.S. Treasuries.
Tether analysts also reported that the USDT user base has continued to grow actively for the eighth consecutive quarter. In Q4 2025, the number of users increased by 35.2 million to reach 534.5 million. The number of on-chain wallets receiving USDT for the first time grew by a record 14.7 million, reaching 139.1 million. According to analysts’ estimates, more than 100 million additional users store USDT on centralized platforms, including crypto exchanges.
User activity metrics for the stablecoin also reached ATHs in Q4 2025. The total transfer volume using USDT increased by $248.6 billion to $4.4 trillion, the highest level in history. At the same time, 30.8% of all addresses with a positive USDT balance use the stablecoin for long-term savings. The total amount of USDT held in wallets primarily used for savings reached $62.1 billion.
Spot trading volume of USDT on centralized exchanges totaled $3.2 trillion in Q4. Despite a 5.9% decline compared to the previous quarter, USDT’s share of total spot trading volume increased to 61.5%. USDT accounted for 14.1 billion trades, equivalent to 80% of all spot transactions during the quarter.
In 2025, USDT was approved by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) as an official means of payment. The Central Bank of Iran (CBI) actively used the stablecoin as an alternative tool for currency interventions. Tether launched a new stablecoin, USAT, designed to operate under U.S. federal legislation.
