important notes
- $USDT In the fourth quarter of 2025, circulating supply expanded to a record high of $187.3 billion.
- Tether remains the most dominant of all stablecoins on the market.
- $USDT The peg was $0.9980, the lowest peg in more than five years.
Tether, the largest stablecoin, has reached an all-time high in circulating supply (ATH). dollar peg stablecoin $USDT In the fourth quarter of 2025, the market capitalization increased to a record $187.3 billion. This is notable given the bearish conditions in the broader crypto market following the October liquidation season. Further depegging is questionable.
Tether records multiple milestones
No amount of competing stablecoins can replace this coin. The broader crypto market experienced a major liquidation event on October 10, triggered by conversations surrounding the US-China tariff war.
Following this event, the market capitalization of Circle's USDC, the second largest stablecoin, saw some volatility during the remainder of the fourth quarter. After that, the period ended with almost no changes. Additionally, Ethena’s synthetic dollar USDe, which secured third place among CoinMarketCap stablecoins, experienced a 57% drawdown.
While competitors struggled, the average number of monthly active USDt wallets surged to 24.8 million. This represents 70% of all wallets holding stablecoins, and quarterly transfer volume has soared to $4.4 trillion. The number of on-chain transfers increased to 2.2 billion.
Tether's total reserves were $192.9 billion at the end of the fourth quarter of 2025. This is a notable increase considering it was only $11.7 billion from the previous quarter. The recorded net capital was approximately $6.3 billion.
$USDT Unpegging raises questions
Among these interesting reports, $USDT There is a risk that it will be depegged from $1. It recently rose to $0.9980, its lowest level in more than five years.
Furthermore, if the pegging is lifted, there will be an emergency alert!! ️ https://t.co/PraiJ9mazv
— Bill Morgan (@Belisarius2020) February 5, 2026
Based on this, some analysts are starting to believe that complete untethering could occur soon. If this were to happen, it could have a negative impact on the broader cryptocurrency market. The extent of the potential downtrend is when more than 87% of the trading volume $USDT.
Related article: Tether scales back planned $15 billion funding: Report
meanwhile, $USDT was officially recognized as an Accepted Fiat-Referenced Token (AFRT) by the Abu Dhabi Global Market (ADGM) in Q4 2025. This means that stablecoins can officially be used on multiple blockchains, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON.
Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly, so we recommend that you verify the information yourself and consult a professional before making any decisions based on this content.
