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