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Stablecoin Tether (USDT) has reached a new record and the number of its users has exceeded 534 million. This growth occurred while the crypto market is still under pressure after the October 2025 crash and the total market value has decreased by more than 30%.
Tether’s Q4 2025 report shows that this stablecoin has added more than 35 million new users and the value of such transactions has reached $4.4 trillion.
Also, the share of spot trading volume with USDT in exchanges has increased to 61.5%, which highlights its bold role as the main pillar of market liquidity.
In line with this, Tether has continuously expanded its reserves and now holds $141.6 billion in Treasuries, 96,184 Bitcoins and 127.5 tons of gold to reduce the risk of liquidity concentration. However, the short-term disruption of USDT’s price adherence to $1 has raised concerns about its sustainability.
Analysts say Tether’s unprecedented growth has led to a strong concentration of liquidity and systemic importance in one asset, and any sustained weakness in the price could have a far-reaching impact on the entire crypto market.
At the same time, if this trend continues and funds move to stablecoins during prolonged periods of risk aversion, USDT could even become a serious competitor to Ethereum in terms of market capitalization.
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