Tether’s USDt stablecoin hit a record $187.3 billion market cap in Q4 2025. USDt expanded by $12.4 billion, while competitors like USDC and USDe fluctuated. Onchain activity soared to new highs, with 24.8 million active wallets and $4.4 trillion in quarterly transfer volume. Tether reported total reserves of $192.9 billion, with $141.6 billion in US Treasuries.

About two-thirds of USDt is held in savings wallets and centralized exchanges, with the remaining third used for payments and DeFi. Bitrace reported $649 billion in illicit stablecoin transactions, with Tron-based USDt accounting for over 70%. Tether has partnered with TRM Labs and Tron to monitor and freeze illicit funds. Tether launched USAt, a GENIUS Act-compliant stablecoin for the US market, with a $10 million initial supply on Ethereum.

Read more at Cointelegraph: Tether’s USDt Hits $187B in Q4 as Rivals Shrink Amid Crypto Downturn