Tether adds 35 million users while Crypto loses a third of its market value

Despite the crypto market crash, USDT adds 35.2 million users, bringing the total user base to 534.5 million across all wallets and platforms.

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

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

USDT breaks records

Holders on the chain increased by 14.7 million in the fourth quarter to 139.1 million, which is the largest quarterly growth ever. Of these portfolios, 30.8% were 100% savers who kept all USDT received. Another 6.7% were savers who held between two-thirds and the full amount. The remaining 62.6% were senders and kept less than two-thirds of the USDT they received.

Monthly active on-chain users averaged 24.8 million and accounted for 68.4% of all monthly active stablecoin users, the highest level to date.

Tether’s total reserves rose to $192.9 billion in the fourth quarter, including 96,184 BTC, up from 9,850 BTC, 127.5 tons of gold, up from 21.9 tons, and $141.6 billion in US Treasuries, up from $6.5 billion. The stablecoin issuer’s net equity was $6.3 billion. In 2025, the company added $28.2 billion in U.S. Treasury securities, making it the seventh-largest buyer globally. It even surpassed countries like Taiwan and South Korea.

Following the crypto liquidation cascade of October 10, 2025, the total crypto market capitalization fell by more than a third through February 1, 2026. Despite this, the report said USDT continued to grow after rising 3.5%, compared to declines of 2.6% and 57% for the second and third largest stablecoins.

Centralized exchanges held the largest share of USDT at 36%. At the end of the quarter, savers held 33% and senders 26.5%. Savers increased their holdings by $2.9 billion to $62.1 billion, while senders added $2.2 billion. Meanwhile, USDT on decentralized exchanges and DeFi fell by $3 billion to $7.1 billion.

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Tether lowers fundraising target

Earlier this month, reports emerged that Tether was scaling back its planned fundraising after investors backed away from a proposed $500 billion valuation. Advisers are now exploring an increase of about $5 billion, down from the $15-$20 billion initially discussed.

CEO Paolo Ardoino stated that the higher figure was never a set target and that Tether is not in urgent need of external capital. While some investors are questioning the valuation, discussions remain at an early stage and no final decision has been made on the size or timing of any fundraising.