tether

The greatest share of USD₮, 36%, was held in centralized exchanges (CEXs) at the close of Q4, an increase of 2.8 percentage points on the close of Q3. This was in part due to a decrease in USD₮ held in decentralized exchanges (DEXs) and decentralized finance (DeFi) following the 10 October crypto liquidation cascade, with USD₮ held in DEXs & DeFi decreasing by $3B (2 percentage points) in Q4 to $7.1B (3.8% share of USD₮).
The next largest share of USD₮, 33%, is held by savers, of which 17.4% is held by 100% savers and 15.6% by other savers. Savers added $2.9B of USD₮ to their holdings in Q4, bringing their total to $62.1B at the close of Q4. USD₮ attracts not just the most savers, as described earlier, but also the greatest amount of USD value saved, with 59.9% of all value saved in stablecoins, and 77.3% if wallets each holding $10M+ are excluded (which are often cold wallets of exchanges).
Senders held the third largest share of USD₮, at 26.5% at the close of Q4. This share was relatively constant between Q3 and Q4, with senders adding $2.2B of USD₮ to their holdings in Q4, reflecting growing liquidity for transactional use cases of USD₮
$USDT

Headline: Tether Clarifies Fundraising Amid Ongoing Liquidity Flows in Crypto 🚀💱
Short intro:

Tether — issuer of the largest stablecoin, USDT — responded to recent market speculation about large fundraising plans, emphasizing strategic long-term goals rather than aggressive capital raises.
What happened:

Reuters reports that Tether’s leadership addressed speculation over potential fundraising figures — clarifying that previously mentioned targets were more hypothetical than actual. The company continues to expand its presence in stablecoin markets, projecting continued profit growth and stablecoin circulation expansion.
Why it matters:

Stablecoins like USDT are crucial liquidity rails for crypto markets, facilitating trading, transfers, and risk management. Clarity on stablecoin strategy influences how traders and institutions perceive overall market depth and liquidity capacity. For beginners, this shows the infrastructure side of crypto markets, beyond just price charts.
Key takeaways:
Tether addresses fundraising rumors and emphasizes realistic targets.Stablecoin liquidity remains vital for exchange activity and market flow.Confidence in stablecoin supply affects trading conditions.Strategic decisions here influence broader market mechanics.
#Stablecoins #USDT #Tether #CryptoLiquidity #Marketstructure

Tether International, S.A. de C.V., today published its Q4 2025 attestation, prepared by BDO, a top-five global independent accounting firm. The report confirms the accuracy of Tether’s Financial Figures and Reserves Report (FFRR), and provides a transparent, detailed view of the assets backing USD₮ as of December 31, 2025. It highlights a landmark year defined by unprecedented issuance, balance-sheet growth, and profitability, reflecting the scale at which USD₮ operates across global digital markets.
Tether delivered net profits exceeding $10 billion in 2025 with excess reserves reaching $6.3B, marking another strong annual financial performance and reaffirming its position as one of the most profitable and financially robust privately held companies. Through disciplined reserve management and strategic deployments across U.S. Treasuries, digital assets, and proprietary investment entities, Tether sustained this exceptional performance while driving growth across its digital dollar ecosystem, which now exceeds 530 million users globally.
In 2025 alone, Tether issued nearly $50 billion in new USD₮, the second-largest annual issuance in its history. Momentum accelerated sharply in the second half of the year, when approximately $30 billion was issued amid a surge in demand for dollar liquidity across emerging markets, payments, and digital asset trading. As a result, total USD₮ in circulation surpassed $186 billion, reaching an all-time high and marking one of the fastest annual expansions of a dollar-denominated financial instrument ever recorded in global markets. At the same time, total reserve assets climbed to nearly $193 billion, also an all-time high, with reserves continuing to exceed liabilities. 
Tether’s exposure to U.S. Treasuries continued to hit record levels in 2025, reflecting an ongoing shift toward highly liquid, low-risk assets.
By year-end:
Direct US Treasury holdings exceeded $122 billion, the highest level ever recorded by the companyTotal direct and indirect Treasury exposure surpassed $141 billion, including overnight reverse repurchase agreements
This places Tether among the largest holders of US government debt worldwide, underscoring its growing role as a major conduit for global dollar demand.
The Management asserts the following as of December 31, 2025:
Total assets exceed $192,877,729,144.Total liabilities amount to $186,539,895,593, of which $186,450,610,920 relate to digital tokens issued.
Tether’s proprietary investments in emerging sectors such as Artificial Intelligence (AI), Energy, Media, Fintech, Precious Metals, Agriculture, Digital Assets Treasury companies, Land, and P2P communication through the Tether Global Investment Fund SICAF S.A are not included in the reserves backing the issued token. These innovative, ground-breaking initiatives across various fields are funded from excess capital and profits and are fully segregated from USD₮ reserves. As of Q4 2025, this investment portfolio exceeds $20 billion.
$USDT
#Tether

The % of balance sent each day, was 18.2% at the close of Q4, on a seven day moving average basis. This was down from a peak of 51.8% on 5 November, which was driven by a spike in DeFi activity, and similar to levels last seen prior to Q2 2025, when bitcoin price levels were similar. The average velocity of USD₮ in the quarter was 28%, considerably lower than the 151% velocity of the next largest stablecoin by market cap. The relatively low velocity of USD₮ suggests it has a stickier, more stable, user base and, as described below, has a diverse set of use cases.
$USDT
#Tether