The crypto market is currently experiencing a winter phase with rising tensions between Iran and the United States, affecting risk assets. Recently, USDT released its performance report for the fourth quarter of 2025, revealing key insights. As one of the largest stablecoins by market capitalization, we delve into its noteworthy statistics and performances.
USDT and Beyond October 10
The October 10, 2025, crypto liquidation wave significantly impacted the growth rate of the stablecoin ecosystem. As crypto investors fled, stablecoins lost value as well. The total cryptocurrency market value dropped by more than a third between October 10, 2025, and February 1, 2026. However, USDt grew by 3.5% since then, while the second and third largest stablecoins lost 2.6% and 57% of their shares, respectively.
“USDt’s continuous growth stems from its diverse applications beyond the crypto market, clearly demonstrating users prefer USDt for wealth storage and transactions. USDt’s market value increased by $12.4 billion in the fourth quarter of 2025, reaching $187.3 billion. Although October saw a 4.9% monthly growth, growth slowed following the crypto liquidation wave on October 10,” a statement from Tether highlights.
Tether’s total reserves increased by $11.7 billion in the last quarter, reaching $192.9 billion. Total reserves included a rise in Bitcoin holdings by 9,850, totaling 96,184 Bitcoin. Additionally, Tether increased its gold reserve by 21.9 metric tons to 127.5 metric tons and announced it held $141.6 billion in Treasury securities. If Tether were a country, it would rank as the 18th largest investor in U.S. Treasury securities, ahead of Saudi Arabia and Germany.
Tether’s On-Chain Data
Despite a brief FUD episode at the end of last year, Tether reports a rise in total users. “The estimated total number of USDt users increased by 35.2 million in the fourth quarter of 2025, reaching 534.5 million, marking the eighth consecutive quarter with a gain of over 30 million users,” the report indicates.
On-chain data shows that the number of addresses holding USDT grew by 14.7 million in the last quarter, reaching a total of 139.1 million—the largest quarterly increase recorded.
