Tether USDt hits record $187B market cap in Q4 despite crypto downturn

USDt added $12.4 billion in Q4 to reach a $187.3 billion market cap, increasing users and onchain activity even as rival stablecoins declined after October’s liquidation event.

Tether’s dollar-pegged stablecoin USDt expanded to a record $187.3 billion market capitalization in the fourth quarter of 2025, even as the broader crypto market slid following October’s liquidation cascade.

According to its latest quarterly report, the USDt (USDT) market cap grew by $12.4 billion in Q4.

Data shows that USDt has been widening its dominance while competitors retreated.

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