Tether’s USDt Market Cap Surges to $187 Billion

Tether Limited reported a milestone for its USDt stablecoin, reaching a market cap of $187.3 billion in Q4 2025. This achievement comes amidst a broader cryptocurrency market decline, supporting Tether’s position as a dominant stablecoin.

The market report from Tether Limited highlights the integration of U.S. Treasuries and BTC in the reserves, contributing to a $192.9 billion reserve base. Despite the cryptocurrency downturn, USDt has expanded its market influence significantly.

The growth of USDt amid a downturn indicates a robust market presence, contending with competitors like USDC and USDe. USDt’s market cap increase reflects confidence in its stability and continued reliance by traders as a transactional currency.

Tether’s internal report shows a strong net equity position, bolstered by earnings from treasury holdings. Despite broader market fluctuations, USDt maintained a 61.5% spot market share, underlining its utility in crypto trading.

While competitors like USDC remain stagnant, Tether’s USDt thrives. The on-chain data indicates continued active usage, with 24.8 million monthly active wallets solidifying Tether’s role in crypto transactions through turbulent times.

Historically, Tether’s resilience can be traced back to past market volatility phases. Historical trends show that during downtrends like the 2022 Terra collapse, USDt’s utility increased, echoing today’s market conditions underpinned by transparent reserve reports.

“Despite a broader decline in the crypto market, USDt continues to thrive with a 61.5% spot market share.” — Paolo Ardoino, CEO, Tether Limited