Tether's USDT market cap reaches $187.3B in Q4 2025 as crypto value and rival stablecoins slump

In Q4 2025, Tether's USDT closed the quarter with a record $187.3 billion market capitalization while the broader crypto market and competing stablecoins declined. Over the same period, Tether reported rising on-chain activity, a sharp increase in total users, and a $192.9 billion reserve portfolio heavily allocated to U.S. Treasuries, Bitcoin, and gold.