As this is the time of the year when several fintech firms release their Q4 2025 performance reports, stablecoin issuer Tether published its report, highlighting record growth in its USDT stablecoin. Specifically, USDT’s user base and market capitalization have skyrocketed alongside its total reserves.
Tether, the world’s largest stablecoin issuer, saw multiple new highs in its fourth quarter report. The firm’s market capitalization reached $187.3 billion in Q4, surpassing its previous record by $12.4 billion. The user count (user base) of USDT rose by 35.2 million in Q4, bringing the count of total users to nearly 534.5 million.
Essentially, the notable number of USDT users comes from blockchain wallet holders, users accessing the stablecoin via exchanges, custodial platforms, and fintech apps. However, in Q4, the largest USDT usage came from on-chain wallet holders.
Interestingly, Tether added over 30 million USDT in every quarter, meaning the firm achieved this record for eight consecutive years (two years).
Tether’s multiple new surges come amid market fall
According to Tether’s official report, the firm showcased a favorable performance in Q4 2025 and the rest of the year, even during the crypto’s fragile period. In late 2025, the market moved slowly due to geopolitical tensions, including the US government shutdown.
The firm specifically pointed out the liquidation cascade that happened in October 2025 and the slow growth of the stablecoin ecosystem. However, “USDT has grown 3.5% since then,” while the second and third largest stablecoins showed less progress.
Tether’s strong reserves show exceptional growth
As part of reserves backing USDT, Tether holds nearly $142 billion worth of US Treasuries in Q4 2025. To further support these statistics, Tether officially stated that “if Tether were a country, it would be the 18th largest holder of U.S. debt, expanding Treasury demand beyond traditional buyers and thereby reinforcing the strength of the dollar and the U.S. economy.”
Tether’s total reserves, including the US Treasuries, are $192.9 billion. This huge record includes 96,184 Bitcoin and 127.5 metric tons of gold.
In the middle of this surge, Tether has recently minted nearly $1 billion USDT on the Tron Network as part of its wider expansion of the blockchain network for the firm’s stablecoin activities.
How does Tether’s USDT show multiple records of surges?
Tether is the largest issuer of USDT stablecoin, which is a plus point for the firm as more investors move to buy the stablecoin. However, that is not the sole reason.
The overall demand for stablecoins has risen, with people leaning towards USDT. The less volatile and stable nature and easy cross-border payment features have drastically pushed people to store stablecoin as wealth and use it for payments.
USDT is heavily used for remittances, import and export settlements, business payments, and more. Additionally, Tether’s strong reserves, the $142 billion worth of US Treasuries, signal trust, high liquidity, and backing.
Circle, the second largest issuer of the USDC stablecoin has also expanded its services through blockchain and payment partnerships.
According to a recent report by ARK Invest, the global stablecoin supply reached over $300 billion last year, besides real-world asset tokenization trend, and decentralized exchange volume.
