Tether’s dollar-pegged stablecoin USDt expanded to a report $187.3 billion market capitalization within the fourth quarter of 2025, even because the broader crypto market slid following October’s liquidation cascade.
Based on its newest quarterly report, the USDt (USDT) market cap grew by $12.4 billion in This fall.
Information reveals that USDt has been widening its dominance whereas opponents retreated.
After the key liquidation occasion on Oct. 10, the market cap of Circle’s USDC (USDC), the second-largest stablecoin, fluctuated all through the remainder of This fall however closed the interval largely unchanged. Ethena’s artificial greenback USDe, ranked third amongst stablecoins at CoinMarketCap, dropped by 57%.
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USDt onchain exercise hits information
Onchain exercise additionally reached new highs. The typical variety of month-to-month energetic USDt wallets climbed to 24.8 million, representing nearly 70% of all stablecoin-holding wallets. Quarterly switch quantity surged to $4.4 trillion, whereas the variety of onchain transfers rose to 2.2 billion.
Moreover, Tether reported complete reserves of $192.9 billion on the finish of This fall, up $11.7 billion from the earlier quarter, leaving web fairness of $6.3 billion. Its publicity to US Treasuries elevated to $141.6 billion, putting it among the many largest holders globally and forward of a number of sovereign nations.
The information additionally factors to a comparatively steady consumer base. About two-thirds of USDt provide is held in financial savings wallets and centralized exchanges, whereas the remaining third helps actions tied to funds, remittances and decentralized finance.
USDt can also be essentially the most generally used stablecoin in illicit transfers. Bitrace reported that $649 billion in stablecoins, or about 5.14% of complete stablecoin transaction quantity, flowed by high-risk blockchain addresses in 2024, with Tron-based USDt accounting for greater than 70% of the exercise.
Tether has stepped up efforts to curb illicit use, launching collaborative packages with TRM Labs and Tron to observe and freeze illicit funds.
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Tether launches GENIUS Act–compliant stablecoin
In January, Tether launched USAt, a dollar-pegged stablecoin constructed particularly for the US market. Issued by Anchorage Digital Financial institution, USAt is a stablecoin compliant with the US GENIUS Act, with $10 million preliminary provide on Ethereum.
On Monday, Tether and Opera partnered to broaden entry to digital funds in rising markets by integrating USDt and Tether Gold (XAUT) into Opera’s MiniPay pockets.
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