Tether released its Q4 2025 report, with USDT setting several new records. The report shows that USDT's market capitalization increased by $12.4 billion in Q4, reaching $187.3 billion. Monthly active users, transaction volume, and transaction amount all reached record highs during the quarter, and the number of wallets holding USDT on-chain also recorded its largest single-quarter increase. In terms of user base, USDT added approximately 35.2 million users in Q4 2025, bringing the estimated total user base to 534.5 million, marking the eighth consecutive quarter of user growth exceeding 30 million. Regarding reserves, Tether's total reserves increased by $11.7 billion in Q4, reaching $192.9 billion, with net assets of approximately $6.3 billion. Reserve assets include 96,184 Bitcoins (an increase of 9,850 during the quarter) and 127.5 metric tons of gold (an increase of 21.9 metric tons during the quarter). The report points out that USDT's market capitalization increased by 4.9% month-on-month in October, but the growth rate slowed down after the liquidation storm on October 10.