Tether Q4 Report: USDT Market Cap Reaches $187.3 Billion, Multiple User and On-Chain Metrics Hit Record Highs

Odaily News Tether has released its Q4 2025 report, revealing that multiple core metrics for USDT have reached new all-time highs. The report shows that USDT's market capitalization grew by $12.4 billion in Q4, reaching $187.3 billion. During the quarter, the number of monthly active on-chain users, transaction count, and transaction volume all hit record highs. The number of on-chain wallets holding USDT also recorded its largest single-quarter increase.

In terms of user base, USDT added approximately 35.2 million new users in Q4 2025, bringing the estimated total user count to 534.5 million. This marks the eighth consecutive quarter with single-quarter user growth exceeding 30 million.

Regarding reserves, Tether's total reserves increased by $11.7 billion in Q4, reaching $192.9 billion, with net assets of approximately $6.3 billion. Reserve assets include 96,184 Bitcoin (an increase of 9,850 in the quarter) and 127.5 metric tons of gold (an increase of 21.9 metric tons in the quarter). The report notes that USDT's market cap grew by 4.9% month-over-month in October, but the growth rate subsequently slowed due to the impact of the liquidation storm on October 10th.