Stablecoin Giant Tether Unaffected by the Decline! User Count Continues to Grow! Here Are the Details
USDT, the world’s largest stablecoin, recorded record user growth in the fourth quarter of 2025 despite the severe market crash in October 2025.
According to Tether’s USDT market report, the stablecoin’s market capitalization reached a new peak of $187.3 billion. USDT’s market capitalization increased by $12.4 billion during the quarter.
The report also highlighted that user adoption continued unabated. According to the report, USDT added an estimated 35.2 million new users in the fourth quarter, bringing its total user base to 534.5 million. This marked the eighth consecutive quarter in which USDT gained over 30 million new users.
The number of on-chain wallet holders increased by 14.7 million during the quarter, reaching 139.1 million. USDT wallets accounted for 70.7 percent of all stablecoin wallets.
Tether also estimated that the number of users holding USDT on centralized platforms exceeded 100 million. Monthly active on-chain users reached an all-time high, averaging 24.8 million per quarter.
Meanwhile, Tether’s total reserves also increased by $11.7 billion, reaching $192.9 billion. These reserves include 96,184 BTC, 127.5 metric tons of gold, and $141.6 billion in US Treasury bonds.
Tether stated that USDT’s growth is not solely dependent on the cryptocurrency market, but also on users’ preference for USDT as both a store of value and a means of transfer. The report noted that while the total cryptocurrency market capitalization declined by more than a third after the liquidation wave on October 10, 2025, USDT grew by 3.5 percent until February 1, 2026.
*This is not investment advice.
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