Tether's USD₮ market cap surged to $187.3 billion in Q4 2025, marking a 3.5% increase despite a significant crypto market liquidation in October. The report highlighted that while the overall crypto market fell by over a third, USD₮ continued to grow, contrasting with declines in other major stablecoins. Total USD₮ users rose by 35.2 million, reaching 534.5 million, with 139.1 million wallets holding 70.7% of all stablecoin balances on-chain. Tether's reserves expanded to $192.9 billion, surpassing liabilities by $6.3 billion. The reserves included 96,184 BTC, 127.5 metric tons of gold, and $141.6 billion in U.S. Treasuries, positioning Tether as a significant holder of U.S. government debt. On-chain USD₮ transfers hit a record $4.4 trillion, with 2.2 billion transactions, mostly under $1,000. The report underscores USD₮'s role as a store of value and transaction asset amid volatile market conditions.