In Q4 2025, Tether’s USDT achieved unprecedented growth, adding 35.2 million new users to reach 534.5 million worldwide, per The Block’s February 4, 2026, report. This marks the eighth consecutive quarter with over 30 million new users, driven by USDT’s role in cross-border payments and wealth storage beyond crypto trading, per. USDT’s market cap climbed $12.4 billion to $187.3 billion, solidifying its lead as the largest stablecoin, while on-chain holders grew by 14.7 million to 139.1 million, accounting for 70.7% of all stablecoin wallets.
Tether’s reserves expanded by $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, per. This growth occurred despite the October 10, 2025, crypto liquidation cascade, where the total market cap fell over 33% from October to February 2026, per. USDT gained 3.5% in market cap post-crash, outperforming competitors’ second-largest stablecoin down 2.6%, third down 57%. Monthly active on-chain users hit a record 24.8 million average.
The October liquidation event tested stablecoin ecosystems, yet USDT thrived due to diverse use cases, including remittances and DeFi. Tether noted slower overall stablecoin growth but emphasized USDT’s preference for wealth storage and transactions, per. Despite Bitcoin trading near $71,200, its lowest since October 2024, USDT maintained dominance, per CoinMarketCap. X posts from @Tether_to highlight USDT’s role in emerging markets, with APAC and LATAM driving adoption.
Tether’s Q4 performance, amid a 75% cut in fundraising targets to $5 billion, signals strategic caution, per. With $26T in all-time transaction volume, USDT remains pivotal for global payments, per. Investors should monitor reserve attestations on tether, to and stablecoin flows via CryptoQuant. USDT could reach a $200B market cap by mid-2026 if adoption persists, per CoinShares, but regulatory scrutiny like the SEC’s stablecoin focus poses risks,Coinlaw.io. Tether’s growth underscores stablecoin maturity in volatile markets.
