Stablecoin Giant Tether Reports Record $187 Billion USDt Cap Amid Crypto Slump

Tether’s flagship stablecoin, USDt, closed the fourth quarter of 2025 with a historic market capitalization of $187.3 billion, according to its newly published report. This $12.4 billion quarterly growth defied the downward pressure on the wider crypto market, which faced a sharp correction after the October liquidation cascade.

Evidence points to a significant consolidation of market share for USDt as other stablecoins faltered. The market cap for the number-two stablecoin, Circle’s USDC, was volatile post-October 10 but showed no net growth by year-end. The third-ranked player, Ethena’s USDe, suffered a severe 57% drop in its market cap during the same period.

Underpinning this financial milestone was remarkable network engagement. The average monthly active wallets for USDt soared to 24.8 million, representing a dominant 70% share of the stablecoin wallet market. The quarterly volume of transfers ballooned to $4.4 trillion, executed over a record 2.2 billion onchain transfers.