USDT Posts Eighth Straight Quarter of User Growth as Tether Reserves Near $193B

Key Insights

• USDT adds 35.2 million users in Q4 2025, eighth consecutive quarter above 30M.
• Tether reserves reach $192.9 billion with $141.6 billion in US Treasuries.
• On-chain holders grow 14.7 million to 139.1 million, largest quarterly increase.

USDT market cap increased by $12.4 billion in Q4 2025 to reach $187.3 billion, according to Tether’s quarterly transparency report.

The stablecoin added 35.2 million users during the period, the eighth consecutive quarter of growth exceeding 30 million users.

Tether’s total reserves expanded to $192.9 billion by the end of Q4, up $11.7 billion from the prior quarter. The growth came despite the crypto market experiencing a liquidation cascade on October 10, 2025.

Tether Reserves Expand to $192.9 Billion

Tether’s total reserves reached $192.9 billion at the end of Q4 2025, resulting in net equity of $6.3 billion.

The company’s Bitcoin holdings increased by 9,850 BTC during the quarter to 96,184 total. Gold reserves expanded by 21.9 metric tons to 127.5 metric tons.

The reserve expansion came as USDT market cap grew 3.5% following the October 10 liquidation cascade.

The second and third largest stablecoins declined 2.6% and 57% respectively during the same period.

Tether’s exposure to US Treasuries increased by $6.5 billion in Q4 2025 to $141.6 billion. The holdings position Tether as the 18th-largest holder of US Treasuries among countries, ahead of Saudi Arabia and Germany.

The company added $28.2 billion of US Treasuries during 2025, making Tether the 7th largest buyer in the past 12 months compared to countries.

USDT User Base Reaches 534.5 Million

The total estimated number of USDT users increased by 35.2 million in Q4 2025 to 534.5 million. The quarterly growth makes Q4 the eighth consecutive quarter to add more than 30 million users.

The number of on-chain USDT holders increased by 14.7 million in Q4 to 139.1 million, the largest quarterly increase on record.

Wallets holding USDT accounted for 70.7% of all stablecoins wallets. Tether estimates over 100 million additional users hold USDT within centralized services.

The on-chain holder composition remained stable during Q4. Wallets classified as 100% savers, which retain all USDT they receive, comprised 30.8% of holders.

Partial savers, who retain more than two-thirds of the USDT they receive, accounted for 6.7%. Sender wallets, which hold less than two-thirds, accounted for 62.6%.

Saver Wallets Account For 37.5% of USDT Holders

USDT maintained a higher proportion of saver wallets compared to other stablecoins. Combined 100% savers and partial savers comprised 37.5% of USDT holders versus 30% for all other stablecoins.

USDT held 75.1% of all stablecoin saver wallets, showing preference for the stablecoin as a store of wealth.

Saver wallets added $2.9 billion of USDT to their holdings in Q4, bringing total holdings to $62.1 billion.

USDT accounted for 59.9% of all value saved in stablecoins, rising to 77.3% when excluding wallets holding $10 million or more.

Monthly active on-chain users averaged 24.8 million during Q4, an all-time high. The metric tracks wallets that receive USDT at least once over a 30-day rolling window. USDT monthly active users accounted for 68.4% of all stablecoin monthly active users.

Sender wallets added $2.2 billion of USDT holdings in Q4, providing liquidity for payment and remittance applications.

On-Chain Transfer Value Hits $4.4 Trillion

The USD value transferred on-chain in USDT per quarter increased by $248.6 billion in Q4 to $4.4 trillion, the highest level recorded.

Single-asset transactions, in which USDT was the only asset transferred, accounted for $2.8 trillion, or 63.6% of the total. Multi-asset transactions, typically DeFi swaps, accounted for $1.6 trillion or 36.4%.

USDT accounted for 65.9% of single-asset stablecoins transactions and 34.6% of multi-asset transactions. s.

The number of on-chain USDT transfers per quarter increased by 313.1 million in Q4 to 2.2 billion, a new record.

Transfers under $1,000 comprised $1.94 billion, or 88.2% of the total. Transfers between $1,000 and $100,000 accounted for 256 million or 11.6%. Transfers exceeding $100,000 totaled 4.6 million or 0.2%.

Centralized exchanges held 36% of total USDT at the close of Q4, an increase of 2.8 percentage points from Q3.

The increase came partly from a decrease in USDT held in decentralized exchanges and DeFi following the October 10 liquidation cascade.

DEX and DeFi holdings declined $3 billion or 2 percentage points in Q4 to $7.1 billion.

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