Tether USDT posts record user growth in Q4 despite crypto market shock

Tether's USDT, the world's largest stablecoin, experienced significant growth in the fourth quarter of 2025, adding $12.4 billion to its market capitalization, reaching $187.3 billion. This growth occurred despite a major crypto market crash in October. The report highlighted substantial user adoption, with 35.2 million new estimated users added in Q4, marking the eighth consecutive quarter of adding over 30 million users, bringing the total to 534.5 million worldwide. On-chain holders increased by 14.7 million to 139.1 million, and monthly active on-chain users hit an average high of 24.8 million. Tether's total reserves also grew by $11.7 billion to $192.9 billion. Tether attributed the continued growth to diverse use cases beyond crypto trading, noting that while the total crypto market cap declined significantly after the October 10th liquidation event, USDT grew by 3.5%, contrasting sharply with the second and third largest stablecoins, which declined by 2.6% and 57%, respectively.

(Source：The Block)