Tether user count hits a record high: USDT remains in first place, with market share rising to 68.4%

On February 5, it was reported that Tether refreshed key indicators in the fourth quarter of 2025, with its average monthly on-chain active users reaching 24.8 million, an increase of 15% month-on-month, setting a record high. Statistics from Chainalysis and Artemis show that USDT’s current market share has risen to 68.4%, maintaining an absolute leading position in the global stablecoin track, significantly widening the gap with other projects.

With the support of multiple blockchain networks, USDT has formed a liquidity system that covers a wide range of regions, meeting the needs of fast settlement and cross-chain in different regions. Especially in emerging markets, inflationary pressures have led users to use stable assets for store of value and daily transfers, which has become an important driver for Tether’s continued expansion. In contrast, some competing stablecoins have gradually been absorbed by USDT due to compliance uncertainty and weak growth.

At the application level, the role of stablecoins is also changing. In addition to crypto asset transactions, USDT has been used for cross-border remittances, corporate fund management, and peer-to-peer payments. The traditional banking system’s lack of speed and cost makes stablecoins an alternative. According to the data, the total number of USDT users worldwide has reached 534.5 million wallet addresses, of which Tron and Ethereum networks are still the main bearer platforms, while the adoption rate of Layer 2 networks is rising rapidly.

This expansion is not a short-term phenomenon. Network effects and deep liquidity are forming a positive feedback: more users bring more frequency, which further attracts merchants and institutions to participate. While regulators around the world are closely monitoring the development of stablecoins, market demand remains strong in scenarios such as cross-border payments, anti-inflation tools, and digital financial infrastructure.

Judging from the current data, Tether’s lead has shown a structured character. As stablecoins gradually integrate into the global capital flow system, USDT is becoming an important bridge connecting traditional finance and the digital economy, and its influence continues to expand.