Defying Crypto Downturn, Tether’s USDt Reaches Historic $187.3 Billion Valuation
In a display of resilience, Tether’s USDt stablecoin reached an all-time high market capitalization of $187.3 billion during the fourth quarter of 2025.
This growth occurred against a backdrop of a sliding broader crypto market, which suffered from a major liquidation cascade beginning in October. The firm’s quarterly report detailed a powerful $12.4 billion expansion in USDt’s market cap for the period.
The report underscores a market where USDt is consolidating its lead as competitors struggle. Following the October 10 turmoil, the market cap of Circle’s USDC stablecoin showed volatility but ultimately finished Q4 with little net change. The third-place stablecoin, Ethena’s USDe, experienced a severe contraction, with its valuation dropping by 57%.
Network activity for the dominant stablecoin also broke records. Monthly active wallets holding USDt averaged 24.8 million, capturing almost 70% of the entire stablecoin user base. Furthermore, the total value transferred onchain in Q4 hit $4.4 trillion, facilitated by a record 2.2 billion individual transfer transactions.
On the financial footing, Tether disclosed total reserves of $192.9 billion, marking an $11.7 billion increase from Q3 and yielding a net equity of $6.3 billion. A significant portion, $141.6 billion, is held in US Treasury instruments, cementing Tether’s status as a top global holder that surpasses the holdings of many national governments.
