Tether's USDT achieved significant milestones in Q4 2025, with onchain transfers reaching a record $4.4 trillion. Despite a broader market slowdown following October's liquidation event, USDT's market capitalization rose to $187.3 billion, an increase of $12.4 billion during the quarter. The stablecoin's user base expanded by over 30 million for the eighth consecutive quarter, totaling 534.5 million users. USDT's dominance in the stablecoin market is underscored by its 139.1 million onchain holders, representing over 70% of all stablecoin wallets. Monthly active wallets averaged 24.8 million, accounting for 68% of stablecoin activity. Tether's reserves reached $192.9 billion, with significant holdings in U.S. Treasuries, Bitcoin, and gold. The stablecoin's resilience is attributed to its dual role as a store of value and a medium of exchange, maintaining growth even as the crypto market contracts.