Tether Grows User Base by 35 Million Amid Crypto Market Decline

Despite a considerable downturn in the crypto market, Tether’s USDT stablecoin has successfully added 35.2 million new users, expanding its overall user base to 534.5 million across various wallets and platforms.

USDT Sets New Records

The report from Tether revealed that the number of users holding USDT reached 139.1 million on-chain, marking an increase of 14.7 million in the fourth quarter and the largest growth recorded to date. Of these users, 30.8% maintained all USDT received, while 6.7% held most. The remaining 62.6% utilized it for transactions, keeping less than two-thirds of the USDT they received.

During this quarter, monthly active on-chain users averaged 24.8 million, which represents 68.4% of all active users of stablecoins, showcasing the robustness of USDT against market fluctuations.

Tether’s reserves also saw a notable rise, totaling $192.9 billion with holdings that included 96,184 BTC (up by 9,850 BTC), 127.5 metric tons of gold, and $141.6 billion in US Treasuries.

Following a rapid liquidation in the crypto market in October 2025, when the total capitalization fell significantly, USDT managed to grow by 3.5%, outperforming other major stablecoins.

Tether Revises Fundraising Goals

Recently, Tether announced a scaling back of its intended fundraising efforts after investor challenges regarding its proposed $500 billion valuation. The firm is now considering a raise of approximately $5 billion, down from previous discussions of $15-$20 billion.

CEO Paolo Ardoino clarified that the higher valuation was never a strict goal, emphasizing the company’s position on not urgently needing external capital.

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