Tether's USDT stablecoin has reached over 534 million users, demonstrating growth despite a 30% drop in the overall cryptocurrency market capitalization since October 2025. According to NS3.AI, the stablecoin's market capitalization has risen to $187.3 billion, supported by expanded reserves that include U.S. Treasuries, Bitcoin, and gold, reflecting efforts to diversify. However, concerns about the stability of USDT's peg surfaced briefly due to a minor depeg, emphasizing the risks associated with its crucial role in cryptocurrency liquidity.