The stablecoin USDT reached a market Capital of $187.3 billion in Q4 2025, while its user base grew to 534.5 million, solidifying its leading position in the digital payments market.
Tether announced impressive figures for Q4 2025, with USDT 's market Capital increasing by $12.4 billion to $187.3 billion. This is the clearest indication of the continued expansion of the digital asset market, especially amidst the strong global demand for stable payment instruments.
October saw the strongest growth during this period at 4.9%, reflecting increased interest from both institutional and individual investors. Tether 's total reserves reached $192.9 billion at the end of the quarter, up $11.7 billion from the previous quarter, while net Capital remained at $6.3 billion.
Leading position in holding US Treasury bonds
One of the key highlights is Tether 's investment in US Treasury bonds, which increased by $6.5 billion, bringing the total to $141.6 billion. With this figure, the company surpassed both Saudi Arabia and Germany to become one of the top 20 largest holders of US government securities in the world. Throughout 2025, Tether purchased a total of $28.2 billion in Treasury bonds, demonstrating its strategy of maintaining liquidation and reliability through safe assets.
The USDT user base continues to expand at an impressive pace, reaching 534.5 million users after adding 35.2 million in Q4, marking the eighth consecutive quarter of growth. The number of on-chain wallets receiving USDT for the first time reached a record high with 14.7 million new wallets, bringing the total to 139.1 million. Additionally, over 100 million users store USDT on centralized platforms such as cryptocurrency exchanges.
Trading activity also reached a historical peak as the total volume of USDT transfers increased by $248.6 billion to $4.4 trillion. Notably, 30.8% of all addresses with positive USDT balances are using this stablecoin for long-term savings purposes, with a total value of $62.1 billion held.
The spot volume of USDT on centralized exchanges reached $3.2 trillion, accounting for 61.5% of the total market, despite a 5.9% decrease compared to the previous quarter. USDT also recorded 14.1 billion transactions, equivalent to 80% of the total spot transactions.
2025 marks significant legal advancements for Tether, with USDT being approved as an official means of payment by the Abu Dhabi Global Market Financial Services Authority, while the Central Bank of Iran actively uses the stablecoin as an alternative currency intervention tool. The company also launched USAT, a new stablecoin designed to comply with the US federal regulatory framework.
