USDT Issuer Tether Adds 35M New Users and $12B Market Cap Despite Crypto Slide

TLDR

• USDT gained 35.2M new users in Q4 2025, reaching 534.5M global users.

• Tether’s Q4 reserves rose to $192.9B, including 96,184 BTC and gold.

• Tether scaled back a planned raise from $20B to $5B after investor feedback.

• USDT’s market cap rose by $12.4B while other stablecoins saw declines.

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Tether reported record growth in the user base and market capitalization of its USDT stablecoin during the final quarter of 2025. This came despite broader crypto market losses and high volatility that followed a major liquidation event in October.

The company added 35.2 million estimated users during the quarter, pushing its global user count to 534.5 million. It marked the eighth straight quarter with over 30 million new users added. Tether said on-chain holders increased by 14.7 million, reaching 139.1 million.

According to the company’s Q4 report, USDT accounted for 70.7% of all stablecoin wallets. Monthly active on-chain users also hit a record average of 24.8 million.

USDT Supply Hits New High as Reserves Expand

USDT’s market capitalization rose by $12.4 billion in Q4 to reach $187.3 billion. Total reserves increased to $192.9 billion, reflecting an $11.7 billion gain over the quarter. These reserves included 96,184 bitcoin, 127.5 metric tons of gold, and $141.6 billion in U.S. Treasuries.

Tether stated that its growth was supported by use cases beyond crypto trading. “The continued growth in USDT comes from diverse use cases beyond the crypto market,” the report said.

USDT’s growth continued even as the total crypto market cap fell sharply. Bitcoin was trading near $71,200 by the end of January, its lowest level since October 2024.

Tether also noted that the two next largest stablecoins declined by 2.6% and 57% respectively during the same period, while USDT grew 3.5%.

Fundraising Plans Adjusted Following Investor Pushback

Alongside user growth, Tether also made changes to its fundraising strategy. The company is now considering a smaller raise of $5 billion, down from previous discussions around $20 billion.

The decision followed feedback from investors who pushed back on the implied $500 billion valuation. Tether CEO Paolo Ardoino described the $20 billion figure as a ceiling and said the company is not under pressure to raise new funds.

With over $10 billion in net profit for 2025 and $6.3 billion in excess reserves, the company said it remains financially self-sufficient. Its recent disclosures indicated that nearly all liabilities were linked to issued tokens.

Reserve Transparency and Stablecoin Sector Trends

In its year-end disclosure, Tether reported $192.8 billion in assets and $186.5 billion in liabilities, showing a reserve surplus. The company also detailed its holdings in U.S. Treasuries, including overnight reverse repos.

The changes to the raise come at a time when investor focus has shifted to structure, reserve management, and transparency in the stablecoin sector.

Tether issued around $50 billion in new USDT during 2025, with $30 billion minted in the second half of the year. This helped push circulating USDT above $186 billion for the first time.

Tether’s move to reduce its fundraising size is seen as a response to valuation sensitivity in private markets rather than a liquidity concern.

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