Tether Q4 2025: USDT Hits $187.3B Market Cap, Reserves Rise with Record On‑chain Activity

Tether’s Q4 2025 report shows USDT reached a market cap of $187.3 billion after quarterly net issuance of $12.4 billion, with multiple on‑chain records set. Key on‑chain metrics: estimated total users 534.5 million (+35.2M), on‑chain USDT holders 139.1 million (+14.7M), and monthly active on‑chain wallets averaged 24.8 million (all‑time high). On‑chain transfer value for the quarter totaled $4.4 trillion across 2.2 billion transfers. Distribution shifted toward exchanges and savings-type wallets: 36% of USDT is held on centralized exchanges, 33% with savings-style users and 26.5% with transfer‑type users; DEX/DeFi share declined following the October 10 liquidation events. Tether’s reported reserves grew to $192.9 billion (net assets $6.3B), including $141.6B in U.S. Treasuries, 96,184 BTC and 127.5 metric tonnes of gold. Tether states USDT’s growth reflects expanding use as a store of value and payments rail amid market stress. Separately, Tether has reportedly pared back plans for a $15–$20B fundraising after investor pushback on a near‑$500B valuation and is now considering a much smaller raise despite sizeable profits from reserve assets. For traders: the combination of larger reserves, increased exchange holdings, record on‑chain activity and dominant share in stablecoin transfers and spot quoting (majority share) implies USDT will remain central to liquidity, price discovery and counterparty risk in crypto markets. Primary keywords: Tether, USDT, stablecoin, reserves, BTC holdings. (Main keyword ’USDT’ appears multiple times.)