Tether Adds 35M Users While Crypto Loses One-Third of Market Value
Tether’s USDT stablecoin reached a market capitalization of $187.3 billion in This autumn 2025, which marked the eighth consecutive quarter of including greater than 30 million customers regardless of broader crypto market challenges.
Total estimated USDT customers elevated by 35.2 million through the quarter. This pushed the cumulative consumer base to 534.5 million, a determine that features each on-chain pockets holders and customers on centralized platforms.
USDT Smashes Records
On-chain holders increased by 14.7 million in This autumn to achieve 139.1 million, which is the most important quarterly progress ever. Among these wallets, 30.8% have been 100% savers who retained all USDT acquired. Another 6.7% have been savers holding between two-thirds and the complete quantity. The remaining 62.6% have been senders, conserving lower than two-thirds of the USDT they acquired.
Monthly energetic on-chain customers averaged 24.8 million and accounted for 68.4% of all stablecoin month-to-month energetic customers, the best stage recorded thus far.
Tether’s whole reserves rose to $192.9 billion in This autumn, together with 96,184 BTC, a rise 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 issuer’s internet fairness stood at $6.3 billion. In 2025, the corporate added $28.2 billion of US Treasuries, rating because the seventh-largest purchaser globally. It even surpassed nations together with Taiwan and South Korea.
Following the October 10, 2025, crypto liquidation cascade, the overall crypto market capitalization declined by greater than one-third by means of February 1, 2026. Despite this, the report stated that USDT continued to develop after rising 3.5% in contrast with declines of 2.6% and 57% for the second- and third-largest stablecoins.
Centralized exchanges held the most important share of USDT at 36%. Savers held 33% and senders 26.5% at quarter-end. Savers elevated holdings by $2.9 billion to $62.1 billion, whereas senders added $2.2 billion. Meanwhile, USDT held in decentralized exchanges and DeFi declined by $3 billion to $7.1 billion.
Tether Cuts Fundraising Target
Earlier this month, studies emerged that Tether scaled again its deliberate fundraising after investor pushback on a proposed $500 billion valuation. Advisers at the moment are exploring a elevate of round $5 billion, down from the $15-$20 billion initially mentioned.
CEO Paolo Ardoino said that the upper determine was by no means a agency goal and that Tether doesn’t urgently want outdoors capital. While some buyers questioned the valuation, talks stay early, and no remaining determination has been made on the dimensions or timing of any fundraising.
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