Tether has published its end of year market report.
USDT has seen continued growth in the last quarter of 2025, with another increase in the overall market cap of the number one stablecoin observed. USDT stablecoin market cap ended with $187.3B, an approximate 7.15% change increase since Q3.
USDT market cap increase as shown vs. previous quarters (Tether)
The report also revealed an interesting picture of how the largest stablecoin issuer in the world is approaching its reserve management.
With $6.3B in over-collateralisation (3.27%), the total value of stablecoin reserves held were $192.9B. Biggest share of this was $141.6B in U.S. treasuries (increased by $6.5B) and overnight repos, followed by precious metals (Gold) with 127.5 tons (9.05%) and 96,184 of Bitcoin (4.37%). Other reserves included secured loans and corporate venture investments.
On the user adoption side, roughly 35M users were added in the last quarter, taking the total amount of users past 500M around the world. More broadly, Tether has now increased users 8 quarters in a row of a similar volume – more so than any other stablecoin.
For onchain holders, the report highlights that around 40% of holders are classified as “savers” (where either 100% or more than 75% of balances are saved) and 60% are classified as senders. The former is likely in emerging markets where the value of a fiat currency fluctuates regularly.
Towards the end, the report dives into further breakdowns of onchain activity and shows the velocity of USDT across both CEXs (Centralised Exchanges) and DeFi (Decentralised Finance) platforms.
