Tether's USDT stablecoin market capitalization reached $187.3 billion in Q4 2025, maintaining steady user growth for eight consecutive quarters with over 30 million new users each quarter. The company's reserves increased to $192.9 billion, comprising significant holdings including 96,184 BTC, 127.5 tons of gold, and $141.6 billion in U.S. Treasuries. Despite a liquidation event in October 2025, USDT grew 3.5%, outperforming other major stablecoins that declined during the quarter, while on-chain transfers hit an all-time high of $4.4 trillion.

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