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Tether's USD₮t supply climbs in Q4 2025 as crypto market cap drops from $3.9T to $2.6T

In Q4 2025, Tether increased the circulating supply of USD₮t to around $109 billion while the total crypto market capitalization fell from roughly $3.9 trillion to about $2.6 trillion. The stablecoin's net issuance surpassed $10 billion in the quarter, as investors rotated into dollar-pegged liquidity amid heightened volatility and capital preservation priorities.