Tether launched its This autumn 2025 USD₮ market report outlining modifications in circulation, consumer exercise, and reserve composition throughout a interval of serious stress throughout the digital asset market.
USD₮ This autumn 2025 Market Report
Be taught extra: https://t.co/xKzGkGTr4k— Tether (@tether) February 4, 2026
USD₮’s market capitalization elevated by $12.4 billion throughout the quarter to $187.3 billion.
Progress was concentrated early in This autumn, with October recording 4.9% month-on-month enlargement earlier than slowing following the October tenth crypto liquidation cascade.
Between October tenth, 2025 and February 1st, 2026, the entire crypto market capitalization declined by greater than one-third, whereas USD₮ grew by 3.5%.
Over the identical interval, the second- and third-largest stablecoins declined by 2.6% and 57%, respectively.
Consumer and Pockets Progress
The estimated variety of USD₮ customers elevated by 35.2 million in This autumn to roughly 534.5 million, marking the eighth consecutive quarter with web consumer additions above 30 million.
The estimate consists of each on-chain pockets customers and customers holding USD₮ by centralized platforms reminiscent of exchanges.
On-chain wallets holding USD₮ elevated by 14.7 million throughout the quarter to 139.1 million, the biggest quarterly improve recorded.
USD₮ wallets represented 70.7% of all stablecoin-holding wallets. Tether estimated that greater than 100 million further customers maintain USD₮ by centralized custodial companies.
On-Chain Exercise and Transfers
Common month-to-month energetic on-chain customers reached 24.8 million throughout This autumn, accounting for 68.4% of all stablecoin month-to-month energetic customers.
The full USD worth transferred on-chain utilizing USD₮ rose to $4.4 trillion for the quarter, a rise of $248.6 billion from Q3. Of this quantity, 63.6% concerned transactions the place USD₮ was the only real asset transferred.
The variety of on-chain transfers elevated to 2.2 billion in This autumn. Transfers under $1,000 accounted for 88.2% of transactions, whereas transfers between $1,000 and $100,000 represented 11.6%. Transactions above $100,000 accounted for about 0.2% of whole transfers.
Holdings, Velocity, and Use Circumstances
On the finish of This autumn, centralized exchanges held 36% of USD₮ in circulation, saver wallets accounted for 33%, and sender wallets represented 26.5%.
Holdings in DEXs and DeFi declined following the October market disruption, whereas USD₮’s common on-chain velocity was 28%, with decrease velocity tied to trade and saver balances and better velocity concentrated in sender and DeFi exercise.
Reserves and Asset Composition
The report additionally detailed Tether’s reserve holdings. Whole reserves elevated by $11.7 billion throughout This autumn to $192.9 billion, leading to web fairness of $6.3 billion, outlined as belongings exceeding liabilities.
Reserve belongings included 96,184 Bitcoin, up by 9,850 Bitcoin throughout the quarter, and 127.5 metric tons of gold, a rise of 21.9 metric tons.
Tether’s publicity to U.S. Treasuries elevated by $6.5 billion in This autumn to $141.6 billion. On a comparative foundation, this stage of Treasury publicity would place Tether among the many largest holders globally if it had been categorized as a sovereign entity.
Over the total yr 2025, Tether reported including $28.2 billion in U.S. Treasuries, making it one of many largest web consumers of U.S. authorities debt over the interval relative to sovereign nations.
Spot Market Exercise
USD₮-denominated spot buying and selling quantity on centralized exchanges totaled $3.2 trillion in This autumn, a 5.9% decline from Q3.
Nonetheless, whole spot buying and selling volumes throughout all digital belongings declined by 11.5%, rising USD₮’s share of whole spot quantity to 61.5%. Roughly 80% of all spot trades throughout the quarter concerned USD₮.
Overview
In keeping with the report, USD₮ continued to develop its consumer base, transaction quantity, and reserve holdings in This autumn 2025 regardless of broader market contraction.
The info highlights USD₮’s function throughout financial savings, funds, buying and selling, and liquidity administration, alongside a reserve construction more and more concentrated in U.S. Treasuries and different non-digital belongings.
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