Tether’s User Growth Defies Crypto Market Slump – 35.2 Million Users Added

Tether’s user growth continues to accelerate even as the wider crypto market struggles with sustained bearish pressure. While total crypto market capitalization has fallen by more than one-third since late 2025, USDT has quietly expanded its footprint, adding tens of millions of new users and reinforcing its role as the dominant stablecoin.

Tether Adds 35.2 Million Users

According to a recent X post by CoinMarketCap, during the fourth quarter of 2025, Tether added 35.2 million new users, pushing its total estimated user base to 534.5 million across on-chain wallets and centralized platforms. This marked the eighth straight quarter in which USDT attracted more than 30 million new users, highlighting consistent demand even in unfavorable market conditions.

LATEST: 📈 Tether says it added 35.2 million users in Q4 2025 to reach 534.5 million worldwide, with USDT's market cap also hitting a record high of $187.3 billion despite the market downturn. pic.twitter.com/FIc5hoXOB7

— CoinMarketCap (@CoinMarketCap) February 5, 2026

On-chain adoption played a major role in this expansion. The number of on-chain USDT holders rose by 14.7 million in Q4 to reach a record 139.1 million wallets, the largest quarterly increase ever recorded. A notable share of these users behaved as long-term holders, with over 30% retaining all USDT received, reflecting USDT’s growing use as a store of value during periods of volatility.

Monthly active on-chain users averaged 24.8 million, accounting for more than two-thirds of all stablecoin activity. This dominance underscores how Tether’s user growth has remained resilient while competing stablecoins experienced contraction.

Tether’s User Growth Supported by Strong Reserves and Market Trust

Tether’s expanding user base has been backed by a steady increase in reserves. By the end of Q4 2025, total reserves reached $192.9 billion, including significant holdings in U.S. Treasuries, Bitcoin, and gold. In 2025 alone, Tether added $28.2 billion in Treasuries, ranking among the largest buyers globally and surpassing several sovereign nations.

USDT supply growth also outpaced its closest competitors following the October liquidation cascade, posting a 3.5% increase while other major stablecoins declined sharply. Centralized exchanges continued to hold the largest share of USDT, though holdings among long-term savers also climbed, signaling growing confidence in the stablecoin during uncertain market conditions.

While reports recently surfaced about Tether scaling back fundraising discussions amid valuation concerns, CEO Paolo Ardoino has emphasized that the company does not face urgent capital needs. With strong reserves, rising adoption, and sustained Tether’s user growth, USDT remains a key pillar of stability in an otherwise volatile crypto landscape.

Make money without lifting your fingers: Start using a world-class auto trading solution.

EightCap, your trusted Partner in CFDs, Cryptocurrencies and Stocks.