USDT Volume Hit A Record $4.4 Trillion In Q4 2025, Tether Report Shows

A new report from Tether shows USDT saw growth in several metrics during the last quarter of 2025, including a new record in transfer volume.

In this count, Tether has included both the users who have received and used USDT for at least 24 hours on-chain, as well as the estimates of users that have received the stablecoin on centralized platforms like exchanges.

From the above chart, it’s visible that Q4 2025 was the eighth consecutive quarter in which Tether’s stablecoin saw growth of more than 30 million users. In terms of active users, the quarter set a new all-time high (ATH) with an average of 24.8 million users receiving USDT at least once inside a 30-day rolling window. “This accounts for 68.4% of all stablecoin monthly active users,” noted the report.

On-chain transfer volume also set a new ATH in this quarter, hitting a value of $4.4 trillion following a jump of $248.6 billion.

As displayed in the chart, the USDT transfer volume stood at just $1.7 trillion in Q3 2024, so the sharp jump to $4.4 trillion since then indicates demand for using the stablecoin has seen a notable boost. “Of this $4.4T quarterly total, $2.8T (63.6%) was in transactions where USD₮ was the only asset transferred, and $1.6T (36.4%) was in transactions where multiple assets were transferred (typically in DeFi swaps),” said the report.

There has also been growth in transaction demand among the retail investors, as the number of transfers involving the stablecoin jumped by $313.1 million in Q4 to a new ATH of 2.2 billion. 88.2% of these transactions involved a sum less than $1,000.

The capital invested in the stablecoin itself also saw an increase during the quarter, with the market cap hitting $187.3 billion after inflows of $12.4 billion.

Overall, between October 10th and today, USDT has been among the more resilient cryptocurrencies, being up 3.5% while the combined sector has lost more than a third of its market cap. In the same period, USDC, the second largest stablecoin, has seen a drop of 2.6%.

At the time of writing, Bitcoin is trading around $65,800, down more than 9% over the last 24 hours.