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In its Q4 2025 USDT market report released Wednesday, the company revealed record user growth and market cap expansion even as crypto prices cratered following the October 2025 liquidation episode. USDT added 35.2 million estimated new users during the quarter, taking the total to 534.5 million worldwide; this marks the eighth straight quarter with over 30 million new users.
BREAKING: Tether tumbles to $0.9980, its weakest peg in over 5 years. Some analysts warn a full untethering could hit soon, which could cripple the crypto market, as 87%+ of trading volume flows through USDT. pic.twitter.com/X1eUwFH4Qs
— SwanDesk (@SwanDesk) February 5, 2026
On-chain holders increased by 14.7 million to 139.1 million, with USDT wallets comprising 70.7% of all stablecoin wallets. Tether estimates over 100 million users hold USDT on centralized platforms. Monthly active on-chain users averaged a record 24.8 million, underscoring sustained real-world usage.
USDT’s market cap climbed $12.4 billion to a new high of $187.3 billion. Total reserves grew $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: “The continued growth in USDT comes from diverse use cases beyond the crypto market, with the data clearly showing users’ preference for USDT as the stablecoin to both store wealth and transact in.”
🔥NEW: Tether’s monthly active users hit an all-time high in Q4 2025, accounting for 68.4% of all stablecoin monthly active users. pic.twitter.com/SzQHMCa4V2
— Coin Bureau (@coinbureau) February 5, 2026
Despite the October 2025 crash and subsequent volatility, Bitcoin trading near $71,200, its lowest since October 2024, USDT grew 3.5% since the event, while the second and third largest stablecoins declined 2.6% and 57%, respectively. Tether attributed slower ecosystem growth to the broader market cap drop of over one-third between October 10, 2025, and February 1, 2026, but emphasized USDT’s relative strength.
Tether’s Q4 numbers cut through the bearish noise. While Bitcoin and most altcoins bled, USDT kept growing users, holders, and market cap. In emerging markets, because of the prevalence of cross-border payments, and the need to preserve wealth and stem volatility, people increasingly turn to USDT as the default stable dollar on-chain. The 35.2 million new users and 24.8 million monthly actives show real adoption beyond speculation.
Reserves climbing to $192.9B with heavy Treasury and BTC shows how much confidence is deposited in redeemability. For users, it’s validation that stablecoins can thrive in downturns when they solve actual problems, including store of value, remittances, and trading pairs.
The contrast with declining competitors further brings into light, USDT’s network effects and trust advantage. As the market recovers, expect Tether’s dominance to widen unless challengers match its scale and reliability. This quarter proved USDT isn’t just surviving the storm, it’s gaining ground while others retreat.
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