Tether releases Q4 report: USDT data sets multiple new highs in Q4 2025

According to Tether's Q4 report, USDT set multiple new records in the fourth quarter of 2025:

• Market capitalization reached $187.3 billion
• Achieved over 30 million user growth for the eighth consecutive quarter
• The number of wallets holding USDT on-chain saw the largest single-quarter increase
• Monthly active on-chain users reached an all-time high
• Both the number and value of on-chain transfers hit historical highs

The market capitalization of USDT grew by $12.4 billion in the fourth quarter of 2025, reaching $187.3 billion. In October, it increased by 4.9% month-over-month, but the growth rate slowed due to the liquidation storm on October 10. Tether's total reserves increased by $11.7 billion in the fourth quarter, reaching $192.9 billion, achieving a net asset of $6.3 billion (assets greater than liabilities).

Total reserves include 96,184 bitcoins (an increase of 9,850 in the fourth quarter) and 127.5 metric tons of gold (an increase of 21.9 metric tons in the fourth quarter). In the fourth quarter of 2025, the estimated total number of USDT users grew by 35.2 million, reaching 534.5 million, marking the eighth consecutive quarter of user growth exceeding 30 million.