A brand new report from Tether exhibits USDT noticed progress in a number of metrics over the last quarter of 2025, together with a brand new file in switch quantity.
Tether’s USDT Set A New Switch Quantity File In This fall 2025
USDT issuer Tether has launched its market report for This fall 2025 and it exhibits a number of new data for the biggest stablecoin by market cap. First, the variety of USDT customers elevated by 35.2 million in the course of the interval, taking the overall to 534.5 million.
The quarterly progress in USDT customers over the past couple of years | Supply: Tether
On this rely, Tether has included each the customers who’ve acquired and used USDT for not less than 24 hours on-chain, in addition to the estimates of customers which have acquired the stablecoin on centralized platforms like exchanges.
From the above chart, it’s seen that This fall 2025 was the eighth consecutive quarter during which Tether’s stablecoin noticed progress of greater than 30 million customers. When it comes to energetic customers, the quarter set a brand new all-time excessive (ATH) with a median of 24.8 million customers receiving USDT not less than as soon as inside a 30-day rolling window. “This accounts for 68.4% of all stablecoin month-to-month energetic customers,” famous the report.
On-chain switch quantity additionally set a brand new ATH on this quarter, hitting a price of $4.4 trillion following a soar of $248.6 billion.
The stablecoin's transaction quantity noticed a notable rise over the previous 12 months | Supply: Tether
As displayed within the chart, the USDT switch quantity stood at simply $1.7 trillion in Q3 2024, so the sharp soar to $4.4 trillion since then signifies demand for utilizing the stablecoin has seen a notable increase. “Of this $4.4T quarterly complete, $2.8T (63.6%) was in transactions the place USD₮ was the one asset transferred, and $1.6T (36.4%) was in transactions the place a number of property have been transferred (sometimes in DeFi swaps),” stated the report.
There has additionally been progress in transaction demand among the many retail buyers, because the variety of transfers involving the stablecoin jumped by $313.1 million in This fall to a brand new ATH of two.2 billion. 88.2% of those transactions concerned a sum lower than $1,000.
The capital invested within the stablecoin itself additionally noticed a rise in the course of the quarter, with the market cap hitting $187.3 billion after inflows of $12.4 billion.
Seems just like the token's market cap has seen regular progress | Supply: Tether
The expansion within the USDT market cap occurred even though the broader cryptocurrency market noticed a bearish transition in October. That stated, the downturn nonetheless affected the token to some extent as earlier than the market slowdown, its month-to-month market cap progress charge was sitting at 4.9%, which declined within the aftermath of the liquidation squeeze of October tenth.
General, between October tenth and at the moment, USDT has been among the many extra resilient cryptocurrencies, being up 3.5% whereas the mixed sector has misplaced greater than a 3rd of its market cap. In the identical interval, USDC, the second largest stablecoin, has seen a drop of two.6%.
Bitcoin Value
On the time of writing, Bitcoin is buying and selling round $65,800, down greater than 9% over the past 24 hours.
The value of the coin appears to have been crashing | Supply: BTCUSDT on TradingView
Featured picture from Dall-E, chart from TradingView.com
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