Tether Adds 35M Users While Crypto Loses One-Third of Market Value

Despite the crypto market crash, USDT added 35.2 million users, bringing the total number of users to 534.5 million across all wallets and platforms.

Tether’s USDT stablecoin reached a market capitalization of $187.3 billion in Q4 2025, marking the eighth consecutive quarter of adding more than 30 million users despite broader challenges in the crypto market.

Total estimated USDT users increased by 35.2 million during the quarter. This pushed the cumulative user base to 534.5 million, a number that includes both on-chain wallet holders and users on centralized platforms.

USDT Smashes Records

On-chain owners increased by 14.7 million in Q4 to reach 139.1 million, the largest quarterly increase ever. Among these funds, 30.8% were 100% depositors who kept all USDT received. Another 6.7% were savers between two-thirds and the full amount. The remaining 62.6% were senders, keeping less than two-thirds of the USDT they received.

Monthly active on-chain users are estimated at 24.8 million and account for 68.4% of all stablecoin monthly active users, the highest level recorded to date.

Tether’s total reserves rose to $192.9 billion in Q4, including 96,184 BTC, an increase of 9,850 BTC, 127,5 metric tons of gold, up 21,9 metric tons, and $141.6 billion in US Treasuries, up $6.5 billion. The stablecoin producer’s net worth stands at $6.3 billion. By 2025, the company will add 28.2 billion dollars of US Treasuries, ranking as the seventh largest buyer in the world. It even passed countries including Taiwan and South Korea.

After the October 10, 2025, crypto liquidation cascade, the total amount of the crypto market decreased by more than one third on February 1, 2026. Despite this, the report said that USDT continued to grow after growing by 3.5% compared to the decrease of 2.6% and 57% of the second and third stable coins.

The average exchange holds the largest share of USDT at 36%. Conservators held 33% and shippers held 26.5% at the end of the quarter. Savers increased holdings by $2.9 billion to $62.1 billion, while exporters added $2.2 billion. Meanwhile, USDT held in decentralized exchanges and DeFi fell by $3 billion to $7.1 billion.

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Tether Cuts Funding Target

Earlier this month, reports surfaced that Tether had postponed a planned fundraising after investors balked at the proposed $500 billion. Advisors are now looking at a $5 billion raise, down from the $15-$20 billion originally discussed.

CEO Paolo Ardoino said that the maximum number has never been a firm target and that Tether does not urgently need foreign currency. While some investors are skeptical of the valuation, discussions remain early, and no final decision has been made on the size or timing of any fundraising.