USDT c&#7911;a Tether v&#7915;a &#273;&#7841;t c&#7897;t m&#7889;c quan tr&#7885;ng khi v&#432;&#7907;t qua 534 tri&#7879;u ng&#432;&#7901;i d&ugrave;ng, d&ugrave; th&#7883; tr&#432;&#7901;ng crypto n&oacute;i chung v&#7851;n ch&#7883;u nhi&#7873;u s&#7913;c &eacute;p sau &#273;&#7907;t suy gi&#7843;m m&#7841;nh b&#7855;t &#273;&#7847;u t&#7915; th&aacute;ng 10/2025.
Theo B&aacute;o c&aacute;o Th&#7883; tr&#432;&#7901;ng USD&#8366; Qu&yacute; 4/2025 m&#7899;i &#273;&acirc;y c&#7911;a Tether, stablecoin n&agrave;y &#273;&atilde; c&oacute; th&ecirc;m h&#417;n 35 tri&#7879;u ng&#432;&#7901;i d&ugrave;ng m&#7899;i trong qu&yacute; v&#7915;a r&#7891;i, &#273;&aacute;nh d&#7845;u qu&yacute; th&#7913; 8 li&ecirc;n ti&#7871;p ghi nh&#7853;n t&#259;ng tr&#432;&#7903;ng tr&ecirc;n 30 tri&#7879;u ng&#432;&#7901;i d&ugrave;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-usdt-expands-as-a-global-store-of-value-even-as-crypto-market-cap-contracts">USDT m&#7903; r&#7897;ng vai tr&ograve; l&agrave; k&ecirc;nh l&#432;u tr&#7919; gi&aacute; tr&#7883; to&agrave;n c&#7847;u ngay c&#7843; khi t&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng crypto thu h&#7865;p</h2>

&#272;&agrave; t&#259;ng tr&#432;&#7903;ng n&agrave;y di&#7877;n ra trong b&#7889;i c&#7843;nh <a href="https://vn.beincrypto.com/thi-truong-tien-dien-tu-17-6/" target="_blank" rel="noreferrer noopener">t&acirc;m l&yacute; ch&#7845;p nh&#7853;n r&#7911;i ro gi&#7843;m s&uacute;t</a>. K&#7875; t&#7915; sau &#273;&#7907;t b&aacute;n th&aacute;o ng&agrave;y 10/10, t&#7893;ng v&#7889;n h&oacute;a c&#7911;a th&#7883; tr&#432;&#7901;ng crypto &#273;&atilde; m&#7845;t h&#417;n 30%. D&ugrave; v&#7853;y, ngu&#7891;n cung USDT v&#7851;n ti&#7871;p t&#7909;c t&#259;ng nh&#7865;.
Tether <a href="https://tether.io/news/usdt-q4-2025-market-report/" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> v&#7889;n h&oacute;a c&#7911;a h&#7885; &#273;&atilde; t&#259;ng l&ecirc;n 187.3 t&#7927; USD, t&#259;ng th&ecirc;m 12.4 t&#7927; USD trong Qu&yacute; 4, ngay c&#7843; khi m&#7897;t s&#7889; stablecoin &#273;&#7889;i th&#7911; l&#7841;i b&#7883; thu h&#7865;p v&#7889;n h&oacute;a.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/Kja36n8kOyo6ytKoCORv_p5TlxU=/smart/0479d0fcfb1a469f81ab37f38cf33f58" alt="Hi&#7879;u su&#7845;t v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a USDT, USDC v&agrave; USDe" class="wp-image-799293">Hi&#7879;u su&#7845;t v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a USDT, USDC v&agrave; USDe. Ngu&#7891;n: <a href="https://www.tradingview.com/x/ODnBLnxZ/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

Tether cho r&#7857;ng s&#7921; &#7893;n &#273;&#7883;nh n&agrave;y ch&#7911; y&#7871;u nh&#7901; v&agrave;o nhu c&#7847;u ti&#7871;t ki&#7879;m, thanh to&aacute;n v&agrave; chuy&#7875;n ti&#7873;n xuy&ecirc;n bi&ecirc;n gi&#7899;i, ch&#7913; kh&ocirc;ng ch&#7881; t&#7853;p trung v&agrave;o giao d&#7883;ch &#273;&#7847;u c&#417;.
B&aacute;o c&aacute;o c&#361;ng ch&#7881; ra c&aacute;c s&#7889; li&#7879;u on-chain, cho th&#7845;y l&#432;&#7907;ng d&#432; trong v&iacute; c&#7911;a nh&agrave; &#273;&#7847;u t&#432; d&agrave;i h&#7841;n t&#259;ng v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#273;&#7841;t m&#7913;c k&#7927; l&#7909;c.
Tuy nhi&ecirc;n, th&#7889;ng k&ecirc; t&#7893;ng s&#7889; ng&#432;&#7901;i d&ugrave;ng bao g&#7891;m c&#7843; v&iacute; on-chain l&#7851;n s&#7889; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng &#432;&#7899;c t&iacute;nh tr&ecirc;n s&agrave;n giao d&#7883;ch, khi&#7871;n vi&#7879;c x&aacute;c minh &#273;&#7897;c l&#7853;p g&#7863;p kh&oacute; kh&#259;n.
B&ecirc;n c&#7841;nh &#273;&oacute;, m&#7913;c d&#7921; ph&ograve;ng c&#7911;a Tether c&#361;ng ti&#7871;p t&#7909;c t&#259;ng. T&#7893;ng d&#7921; tr&#7919; &#273;&#7841;t 192.9 t&#7927; USD, trong &#273;&oacute; c&oacute; 141.6 t&#7927; USD l&agrave; tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; M&#7929;. N&#7871;u l&agrave; m&#7897;t qu&#7889;c gia, Tether s&#7869; n&#7857;m trong top c&aacute;c n&#432;&#7899;c n&#7855;m gi&#7919; tr&aacute;i phi&#7871;u n&agrave;y nhi&#7873;u nh&#7845;t th&#7871; gi&#7899;i.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/Aks2aiq_MnHFtW0EypY852knFKc=/smart/732789286776442e98f21ccaafc397d5" alt="D&#7921; tr&#7919; c&#7911;a Tether" class="wp-image-799294">D&#7921; tr&#7919; c&#7911;a Tether. Ngu&#7891;n: <a href="https://tether.io/news/usdt-q4-2025-market-report/" target="_blank" rel="noreferrer noopener nofollow">Q4 2025 Market Report</a>

B&ecirc;n c&#7841;nh &#273;&oacute;, c&ocirc;ng ty c&#361;ng t&#259;ng l&#432;&#7907;ng n&#7855;m gi&#7919; Bitcoin l&ecirc;n 96,184 BTC v&agrave; <a href="https://vn.beincrypto.com/tether-usdt-gold-swiss-vault-reserves/" target="_blank" rel="noreferrer noopener">d&#7921; tr&#7919; v&agrave;ng</a> l&ecirc;n 127.5 t&#7845;n, cho th&#7845;y chi&#7871;n l&#432;&#7907;c &#273;a d&#7841;ng h&oacute;a t&agrave;i s&#7843;n &#273;&#7843;m b&#7843;o ngo&agrave;i c&aacute;c t&agrave;i s&#7843;n t&#432;&#417;ng &#273;&#432;&#417;ng ti&#7873;n m&#7863;t.
Ho&#7841;t &#273;&#7897;ng on-chain ti&#7871;p t&#7909;c ph&aacute;t tri&#7875;n m&#7841;nh. S&#7889; l&#432;&#7907;ng v&iacute; n&#7855;m gi&#7919; USDT t&#259;ng l&ecirc;n 139.1 tri&#7879;u v&iacute;, c&ograve;n s&#7889; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&agrave;ng th&aacute;ng &#273;&#7841;t 24.8 tri&#7879;u &ndash; &#273;&#7873;u l&agrave; nh&#7919;ng k&#7927; l&#7909;c m&#7899;i.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/zOdL1YCyRszJXOKFnCqSNUj_fKA=/smart/c3eb0fcd7ccb42de80223545ad1d8800" alt="S&#7889; l&#432;&#7907;ng ch&#7911; s&#7903; h&#7919;u USDT theo t&#7915;ng nh&oacute;m ng&#432;&#7901;i d&ugrave;ng" class="wp-image-799295">S&#7889; l&#432;&#7907;ng ch&#7911; s&#7903; h&#7919;u USDT theo t&#7915;ng nh&oacute;m ng&#432;&#7901;i d&ugrave;ng. Ngu&#7891;n: <a href="https://tether.io/news/usdt-q4-2025-market-report/" target="_blank" rel="noreferrer noopener nofollow">Tether Q4 2025 Report</a>

Trong Qu&yacute; 4, t&#7893;ng gi&aacute; tr&#7883; giao d&#7883;ch on-chain &#273;&#7841;t t&#7899;i 4.4 ngh&igrave;n t&#7927; USD, trong khi t&#7927; tr&#7885;ng USDT trong <a href="https://beincrypto.com/learn/spot-trading" target="_blank" rel="noreferrer noopener">kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch spot</a> tr&ecirc;n c&aacute;c s&agrave;n t&#7853;p trung l&ecirc;n t&#7899;i 61.5%. &#272;i&#7873;u n&agrave;y cho th&#7845;y vai tr&ograve; th&#7889;ng tr&#7883; c&#7911;a USDT nh&#432; m&#7897;t t&agrave;i s&#7843;n thanh to&aacute;n ch&iacute;nh tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-minting-surge-peg-wobbles-and-flippening-talk-highlight-usdt-s-growing-systemic-role">L&#432;&#7907;ng mint t&#259;ng v&#7885;t, dao &#273;&#7897;ng t&#7927; gi&aacute; v&agrave; tin &#273;&#7891;n flippening cho th&#7845;y vai tr&ograve; h&#7879; th&#7889;ng ng&agrave;y c&agrave;ng l&#7899;n c&#7911;a USDT</h2>

Ho&#7841;t &#273;&#7897;ng ph&aacute;t h&agrave;nh g&#7847;n &#273;&acirc;y cho th&#7845;y nhu c&#7847;u v&#7899;i USDT v&#7851;n ti&#7871;p di&#7877;n sang &#273;&#7847;u n&#259;m 2026. Ng&agrave;y 04/02/2026, t&agrave;i kho&#7843;n ph&acirc;n t&iacute;ch blockchain Lookonchain cho bi&#7871;t <a href="https://vn.beincrypto.com/tether-mints-billion-usdt-fomc-bitcoin-catalyst/" target="_blank" rel="noreferrer noopener">Tether &#273;&atilde; ph&aacute;t h&agrave;nh th&ecirc;m 1 t&#7927; USD USDT</a>, n&#7857;m trong t&#7893;ng s&#7889; g&#7847;n 3 t&#7927; USD stablecoin m&agrave; Tether v&agrave; Circle &#273;&atilde; t&#7841;o m&#7899;i ch&#7881; trong v&ograve;ng ba ng&agrave;y.
Nh&#7919;ng &#273;&#7907;t ph&aacute;t h&agrave;nh l&#7899;n th&#432;&#7901;ng &#273;&#432;&#7907;c c&aacute;c nh&agrave; giao d&#7883;ch xem nh&#432; t&iacute;n hi&#7879;u d&ograve;ng ti&#7873;n m&#7899;i s&#7869; &#273;&#7893; v&agrave;o th&#7883; tr&#432;&#7901;ng, d&ugrave; kh&ocirc;ng ph&#7843;i t&#7845;t c&#7843; token v&#7915;a ph&aacute;t h&agrave;nh &#273;&#7873;u s&#7869; l&#7853;p t&#7913;c l&#432;u th&ocirc;ng.
Song song &#273;&oacute;, s&#7921; th&#7889;ng tr&#7883; ng&agrave;y c&agrave;ng l&#7899;n c&#7911;a Tether c&#361;ng khi&#7871;n c&ocirc;ng ty b&#7883; soi k&#7929; h&#417;n. &#272;&atilde; c&oacute; giai &#273;o&#7841;n USDT b&#7883; ch&uacute; &yacute; khi token n&agrave;y gi&#7843;m v&#7873; quanh 0.9980 USD &ndash; m&#7913;c y&#7871;u nh&#7845;t trong h&#417;n 5 n&#259;m qua.
D&ugrave; ch&ecirc;nh l&#7879;ch n&agrave;y nh&#7887; v&agrave; ch&#7881; di&#7877;n ra ng&#7855;n, nh&#432;ng n&#7871;u ni&#7873;m tin v&agrave;o <a href="https://vn.beincrypto.com/tether-depeg-risk-japan-treasury-selloff/" target="_blank" rel="noreferrer noopener">kh&#7843; n&#259;ng gi&#7919; gi&aacute; c&#7889; &#273;&#7883;nh</a> b&#7883; suy gi&#7843;m l&acirc;u d&agrave;i, h&#7879; qu&#7843; c&oacute; th&#7875; r&#7845;t l&#7899;n v&igrave; stablecoin n&agrave;y l&agrave; n&#7873;n t&#7843;ng quan tr&#7885;ng trong c&#7845;u tr&uacute;c giao d&#7883;ch to&agrave;n th&#7883; tr&#432;&#7901;ng.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/AC7whjBMerfs8D445NBCjrcQ-oU=/smart/8f95ddc6dd7b4b7c82a2b9e9c72c4755" alt="USDT c&#7911;a Tether gi&#7843;m kh&#7887;i m&#7889;c 1 USD" class="wp-image-799296">USDT c&#7911;a Tether gi&#7843;m kh&#7887;i m&#7889;c 1 USD. Ngu&#7891;n: <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="noreferrer noopener nofollow">CoinGecko</a>

Nhi&#7873;u &#432;&#7899;c t&iacute;nh cho r&#7857;ng ph&#7847;n l&#7899;n kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch crypto hi&#7879;n nay &#273;&#7873;u di&#7877;n ra qua c&aacute;c c&#7863;p USDT, bi&#7871;n &#273;&#7891;ng stablecoin n&agrave;y th&agrave;nh tr&#7909; c&#7897;t thanh kho&#7843;n then ch&#7889;t c&#7911;a th&#7883; tr&#432;&#7901;ng.
Quy m&ocirc; m&#7903; r&#7897;ng c&#7911;a Tether c&#361;ng &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n nhi&#7873;u tranh lu&#7853;n v&#7873; v&#7883; tr&iacute; c&#7911;a stablecoin n&agrave;y trong h&#7879; sinh th&aacute;i crypto. M&#7897;t s&#7889; nh&agrave; quan s&aacute;t th&#7883; tr&#432;&#7901;ng cho r&#7857;ng, n&#7871;u xu h&#432;&#7899;ng hi&#7879;n t&#7841;i ti&#7871;p t&#7909;c, USDT c&oacute; th&#7875; s&#7869; tr&#7903; th&agrave;nh &#273;&#7889;i th&#7911; c&#7911;a <a href="https://vn.beincrypto.com/ethereum-price-1500-drop-analysis/" target="_blank" rel="noreferrer noopener">Ethereum trong vai tr&ograve; l&agrave; &#273;&#7891;ng ti&#7873;n m&atilde; h&oacute;a x&#7871;p th&#7913; hai v&#7873; v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng</a>, &#273;&#7863;c bi&#7879;t trong nh&#7919;ng giai &#273;o&#7841;n th&#7883; tr&#432;&#7901;ng ng&#7841;i r&#7911;i ro v&agrave; d&ograve;ng ti&#7873;n &#273;&#7893; v&agrave;o c&aacute;c t&agrave;i s&#7843;n &#7893;n &#273;&#7883;nh.
D&#7919; li&#7879;u m&#7899;i nh&#7845;t cho th&#7845;y USDT &#273;ang ti&#7871;p t&#7909;c m&#7903; r&#7897;ng v&#7873; s&#7889; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng, d&#7921; tr&#7919; c&#361;ng nh&#432; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch, m&#7863;c d&ugrave; th&#7883; tr&#432;&#7901;ng chung c&oacute; d&#7845;u hi&#7879;u thu h&#7865;p.
Tuy nhi&ecirc;n, s&#7921; l&#7899;n m&#7841;nh &#273;&oacute; l&#7841;i khi&#7871;n thanh kho&#7843;n v&agrave; t&#7847;m quan tr&#7885;ng h&#7879; th&#7889;ng t&#7853;p trung v&agrave;o m&#7897;t c&ocirc;ng c&#7909; duy nh&#7845;t. S&#7921; &#7893;n &#273;&#7883;nh c&#7911;a t&#7927; gi&aacute; neo Tether ng&agrave;y c&agrave;ng kh&ocirc;ng ch&#7881; ph&#7909; thu&#7897;c v&agrave;o m&#7897;t c&ocirc;ng ty m&agrave; c&ograve;n ph&#7909; thu&#7897;c v&agrave;o s&#7913;c b&#7873;n c&#7911;a th&#7883; tr&#432;&#7901;ng crypto n&oacute;i chung.

Tether vượt mốc 500 triệu người dùng khi tốc độ tăng trưởng tăng nhanh—nhưng rủi ro và lo ngại về sự ổn định của USDT vẫn còn

USDT c&#7911;a Tether v&#7915;a &#273;&#7841;t c&#7897;t m&#7889;c quan tr&#7885;ng khi v&#432;&#7907;t qua 534 tri&#7879;u ng&#432;&#7901;i d&ugrave;ng, d&ugrave; th&#7883; tr&#432;&#7901;ng crypto n&oacute;i chung v&#7851;n ch&#7883;u nhi&#7873;u s&#7913;c &eacute;p sau &#273;&#7907;t suy gi&#7843;m m&#7841;nh b&#7855;t &#273;&#7847;u t&#7915; th&aacute;ng 10/2025.
Theo B&aacute;o c&aacute;o Th&#7883; tr&#432;&#7901;ng USD&#8366; Qu&yacute; 4/2025 m&#7899;i &#273;&acirc;y c&#7911;a Tether, stablecoin n&agrave;y &#273;&atilde; c&oacute; th&ecirc;m h&#417;n 35 tri&#7879;u ng&#432;&#7901;i d&ugrave;ng m&#7899;i trong qu&yacute; v&#7915;a r&#7891;i, &#273;&aacute;nh d&#7845;u qu&yacute; th&#7913; 8 li&ecirc;n ti&#7871;p ghi nh&#7853;n t&#259;ng tr&#432;&#7903;ng tr&ecirc;n 30 tri&#7879;u ng&#432;&#7901;i d&ugrave;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-usdt-expands-as-a-global-store-of-value-even-as-crypto-market-cap-contracts">USDT m&#7903; r&#7897;ng vai tr&ograve; l&agrave; k&ecirc;nh l&#432;u tr&#7919; gi&aacute; tr&#7883; to&agrave;n c&#7847;u ngay c&#7843; khi t&#7893;ng v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng crypto thu h&#7865;p</h2>

&#272;&agrave; t&#259;ng tr&#432;&#7903;ng n&agrave;y di&#7877;n ra trong b&#7889;i c&#7843;nh <a href="https://vn.beincrypto.com/thi-truong-tien-dien-tu-17-6/" target="_blank" rel="noreferrer noopener">t&acirc;m l&yacute; ch&#7845;p nh&#7853;n r&#7911;i ro gi&#7843;m s&uacute;t</a>. K&#7875; t&#7915; sau &#273;&#7907;t b&aacute;n th&aacute;o ng&agrave;y 10/10, t&#7893;ng v&#7889;n h&oacute;a c&#7911;a th&#7883; tr&#432;&#7901;ng crypto &#273;&atilde; m&#7845;t h&#417;n 30%. D&ugrave; v&#7853;y, ngu&#7891;n cung USDT v&#7851;n ti&#7871;p t&#7909;c t&#259;ng nh&#7865;.
Tether <a href="https://tether.io/news/usdt-q4-2025-market-report/" target="_blank" rel="noreferrer noopener nofollow">cho bi&#7871;t</a> v&#7889;n h&oacute;a c&#7911;a h&#7885; &#273;&atilde; t&#259;ng l&ecirc;n 187.3 t&#7927; USD, t&#259;ng th&ecirc;m 12.4 t&#7927; USD trong Qu&yacute; 4, ngay c&#7843; khi m&#7897;t s&#7889; stablecoin &#273;&#7889;i th&#7911; l&#7841;i b&#7883; thu h&#7865;p v&#7889;n h&oacute;a.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/Kja36n8kOyo6ytKoCORv_p5TlxU=/smart/0479d0fcfb1a469f81ab37f38cf33f58" alt="Hi&#7879;u su&#7845;t v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a USDT, USDC v&agrave; USDe" class="wp-image-799293">Hi&#7879;u su&#7845;t v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng c&#7911;a USDT, USDC v&agrave; USDe. Ngu&#7891;n: <a href="https://www.tradingview.com/x/ODnBLnxZ/" target="_blank" rel="noreferrer noopener nofollow">TradingView</a>

Tether cho r&#7857;ng s&#7921; &#7893;n &#273;&#7883;nh n&agrave;y ch&#7911; y&#7871;u nh&#7901; v&agrave;o nhu c&#7847;u ti&#7871;t ki&#7879;m, thanh to&aacute;n v&agrave; chuy&#7875;n ti&#7873;n xuy&ecirc;n bi&ecirc;n gi&#7899;i, ch&#7913; kh&ocirc;ng ch&#7881; t&#7853;p trung v&agrave;o giao d&#7883;ch &#273;&#7847;u c&#417;.
B&aacute;o c&aacute;o c&#361;ng ch&#7881; ra c&aacute;c s&#7889; li&#7879;u on-chain, cho th&#7845;y l&#432;&#7907;ng d&#432; trong v&iacute; c&#7911;a nh&agrave; &#273;&#7847;u t&#432; d&agrave;i h&#7841;n t&#259;ng v&agrave; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch &#273;&#7841;t m&#7913;c k&#7927; l&#7909;c.
Tuy nhi&ecirc;n, th&#7889;ng k&ecirc; t&#7893;ng s&#7889; ng&#432;&#7901;i d&ugrave;ng bao g&#7891;m c&#7843; v&iacute; on-chain l&#7851;n s&#7889; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng &#432;&#7899;c t&iacute;nh tr&ecirc;n s&agrave;n giao d&#7883;ch, khi&#7871;n vi&#7879;c x&aacute;c minh &#273;&#7897;c l&#7853;p g&#7863;p kh&oacute; kh&#259;n.
B&ecirc;n c&#7841;nh &#273;&oacute;, m&#7913;c d&#7921; ph&ograve;ng c&#7911;a Tether c&#361;ng ti&#7871;p t&#7909;c t&#259;ng. T&#7893;ng d&#7921; tr&#7919; &#273;&#7841;t 192.9 t&#7927; USD, trong &#273;&oacute; c&oacute; 141.6 t&#7927; USD l&agrave; tr&aacute;i phi&#7871;u ch&iacute;nh ph&#7911; M&#7929;. N&#7871;u l&agrave; m&#7897;t qu&#7889;c gia, Tether s&#7869; n&#7857;m trong top c&aacute;c n&#432;&#7899;c n&#7855;m gi&#7919; tr&aacute;i phi&#7871;u n&agrave;y nhi&#7873;u nh&#7845;t th&#7871; gi&#7899;i.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/Aks2aiq_MnHFtW0EypY852knFKc=/smart/732789286776442e98f21ccaafc397d5" alt="D&#7921; tr&#7919; c&#7911;a Tether" class="wp-image-799294">D&#7921; tr&#7919; c&#7911;a Tether. Ngu&#7891;n: <a href="https://tether.io/news/usdt-q4-2025-market-report/" target="_blank" rel="noreferrer noopener nofollow">Q4 2025 Market Report</a>

B&ecirc;n c&#7841;nh &#273;&oacute;, c&ocirc;ng ty c&#361;ng t&#259;ng l&#432;&#7907;ng n&#7855;m gi&#7919; Bitcoin l&ecirc;n 96,184 BTC v&agrave; <a href="https://vn.beincrypto.com/tether-usdt-gold-swiss-vault-reserves/" target="_blank" rel="noreferrer noopener">d&#7921; tr&#7919; v&agrave;ng</a> l&ecirc;n 127.5 t&#7845;n, cho th&#7845;y chi&#7871;n l&#432;&#7907;c &#273;a d&#7841;ng h&oacute;a t&agrave;i s&#7843;n &#273;&#7843;m b&#7843;o ngo&agrave;i c&aacute;c t&agrave;i s&#7843;n t&#432;&#417;ng &#273;&#432;&#417;ng ti&#7873;n m&#7863;t.
Ho&#7841;t &#273;&#7897;ng on-chain ti&#7871;p t&#7909;c ph&aacute;t tri&#7875;n m&#7841;nh. S&#7889; l&#432;&#7907;ng v&iacute; n&#7855;m gi&#7919; USDT t&#259;ng l&ecirc;n 139.1 tri&#7879;u v&iacute;, c&ograve;n s&#7889; ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&agrave;ng th&aacute;ng &#273;&#7841;t 24.8 tri&#7879;u &ndash; &#273;&#7873;u l&agrave; nh&#7919;ng k&#7927; l&#7909;c m&#7899;i.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/zOdL1YCyRszJXOKFnCqSNUj_fKA=/smart/c3eb0fcd7ccb42de80223545ad1d8800" alt="S&#7889; l&#432;&#7907;ng ch&#7911; s&#7903; h&#7919;u USDT theo t&#7915;ng nh&oacute;m ng&#432;&#7901;i d&ugrave;ng" class="wp-image-799295">S&#7889; l&#432;&#7907;ng ch&#7911; s&#7903; h&#7919;u USDT theo t&#7915;ng nh&oacute;m ng&#432;&#7901;i d&ugrave;ng. Ngu&#7891;n: <a href="https://tether.io/news/usdt-q4-2025-market-report/" target="_blank" rel="noreferrer noopener nofollow">Tether Q4 2025 Report</a>

Trong Qu&yacute; 4, t&#7893;ng gi&aacute; tr&#7883; giao d&#7883;ch on-chain &#273;&#7841;t t&#7899;i 4.4 ngh&igrave;n t&#7927; USD, trong khi t&#7927; tr&#7885;ng USDT trong <a href="https://beincrypto.com/learn/spot-trading" target="_blank" rel="noreferrer noopener">kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch spot</a> tr&ecirc;n c&aacute;c s&agrave;n t&#7853;p trung l&ecirc;n t&#7899;i 61.5%. &#272;i&#7873;u n&agrave;y cho th&#7845;y vai tr&ograve; th&#7889;ng tr&#7883; c&#7911;a USDT nh&#432; m&#7897;t t&agrave;i s&#7843;n thanh to&aacute;n ch&iacute;nh tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-minting-surge-peg-wobbles-and-flippening-talk-highlight-usdt-s-growing-systemic-role">L&#432;&#7907;ng mint t&#259;ng v&#7885;t, dao &#273;&#7897;ng t&#7927; gi&aacute; v&agrave; tin &#273;&#7891;n flippening cho th&#7845;y vai tr&ograve; h&#7879; th&#7889;ng ng&agrave;y c&agrave;ng l&#7899;n c&#7911;a USDT</h2>

Ho&#7841;t &#273;&#7897;ng ph&aacute;t h&agrave;nh g&#7847;n &#273;&acirc;y cho th&#7845;y nhu c&#7847;u v&#7899;i USDT v&#7851;n ti&#7871;p di&#7877;n sang &#273;&#7847;u n&#259;m 2026. Ng&agrave;y 04/02/2026, t&agrave;i kho&#7843;n ph&acirc;n t&iacute;ch blockchain Lookonchain cho bi&#7871;t <a href="https://vn.beincrypto.com/tether-mints-billion-usdt-fomc-bitcoin-catalyst/" target="_blank" rel="noreferrer noopener">Tether &#273;&atilde; ph&aacute;t h&agrave;nh th&ecirc;m 1 t&#7927; USD USDT</a>, n&#7857;m trong t&#7893;ng s&#7889; g&#7847;n 3 t&#7927; USD stablecoin m&agrave; Tether v&agrave; Circle &#273;&atilde; t&#7841;o m&#7899;i ch&#7881; trong v&ograve;ng ba ng&agrave;y.
Nh&#7919;ng &#273;&#7907;t ph&aacute;t h&agrave;nh l&#7899;n th&#432;&#7901;ng &#273;&#432;&#7907;c c&aacute;c nh&agrave; giao d&#7883;ch xem nh&#432; t&iacute;n hi&#7879;u d&ograve;ng ti&#7873;n m&#7899;i s&#7869; &#273;&#7893; v&agrave;o th&#7883; tr&#432;&#7901;ng, d&ugrave; kh&ocirc;ng ph&#7843;i t&#7845;t c&#7843; token v&#7915;a ph&aacute;t h&agrave;nh &#273;&#7873;u s&#7869; l&#7853;p t&#7913;c l&#432;u th&ocirc;ng.
Song song &#273;&oacute;, s&#7921; th&#7889;ng tr&#7883; ng&agrave;y c&agrave;ng l&#7899;n c&#7911;a Tether c&#361;ng khi&#7871;n c&ocirc;ng ty b&#7883; soi k&#7929; h&#417;n. &#272;&atilde; c&oacute; giai &#273;o&#7841;n USDT b&#7883; ch&uacute; &yacute; khi token n&agrave;y gi&#7843;m v&#7873; quanh 0.9980 USD &ndash; m&#7913;c y&#7871;u nh&#7845;t trong h&#417;n 5 n&#259;m qua.
D&ugrave; ch&ecirc;nh l&#7879;ch n&agrave;y nh&#7887; v&agrave; ch&#7881; di&#7877;n ra ng&#7855;n, nh&#432;ng n&#7871;u ni&#7873;m tin v&agrave;o <a href="https://vn.beincrypto.com/tether-depeg-risk-japan-treasury-selloff/" target="_blank" rel="noreferrer noopener">kh&#7843; n&#259;ng gi&#7919; gi&aacute; c&#7889; &#273;&#7883;nh</a> b&#7883; suy gi&#7843;m l&acirc;u d&agrave;i, h&#7879; qu&#7843; c&oacute; th&#7875; r&#7845;t l&#7899;n v&igrave; stablecoin n&agrave;y l&agrave; n&#7873;n t&#7843;ng quan tr&#7885;ng trong c&#7845;u tr&uacute;c giao d&#7883;ch to&agrave;n th&#7883; tr&#432;&#7901;ng.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/AC7whjBMerfs8D445NBCjrcQ-oU=/smart/8f95ddc6dd7b4b7c82a2b9e9c72c4755" alt="USDT c&#7911;a Tether gi&#7843;m kh&#7887;i m&#7889;c 1 USD" class="wp-image-799296">USDT c&#7911;a Tether gi&#7843;m kh&#7887;i m&#7889;c 1 USD. Ngu&#7891;n: <a href="https://www.coingecko.com/en/coins/tether" target="_blank" rel="noreferrer noopener nofollow">CoinGecko</a>

Nhi&#7873;u &#432;&#7899;c t&iacute;nh cho r&#7857;ng ph&#7847;n l&#7899;n kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch crypto hi&#7879;n nay &#273;&#7873;u di&#7877;n ra qua c&aacute;c c&#7863;p USDT, bi&#7871;n &#273;&#7891;ng stablecoin n&agrave;y th&agrave;nh tr&#7909; c&#7897;t thanh kho&#7843;n then ch&#7889;t c&#7911;a th&#7883; tr&#432;&#7901;ng.
Quy m&ocirc; m&#7903; r&#7897;ng c&#7911;a Tether c&#361;ng &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n nhi&#7873;u tranh lu&#7853;n v&#7873; v&#7883; tr&iacute; c&#7911;a stablecoin n&agrave;y trong h&#7879; sinh th&aacute;i crypto. M&#7897;t s&#7889; nh&agrave; quan s&aacute;t th&#7883; tr&#432;&#7901;ng cho r&#7857;ng, n&#7871;u xu h&#432;&#7899;ng hi&#7879;n t&#7841;i ti&#7871;p t&#7909;c, USDT c&oacute; th&#7875; s&#7869; tr&#7903; th&agrave;nh &#273;&#7889;i th&#7911; c&#7911;a <a href="https://vn.beincrypto.com/ethereum-price-1500-drop-analysis/" target="_blank" rel="noreferrer noopener">Ethereum trong vai tr&ograve; l&agrave; &#273;&#7891;ng ti&#7873;n m&atilde; h&oacute;a x&#7871;p th&#7913; hai v&#7873; v&#7889;n h&oacute;a th&#7883; tr&#432;&#7901;ng</a>, &#273;&#7863;c bi&#7879;t trong nh&#7919;ng giai &#273;o&#7841;n th&#7883; tr&#432;&#7901;ng ng&#7841;i r&#7911;i ro v&agrave; d&ograve;ng ti&#7873;n &#273;&#7893; v&agrave;o c&aacute;c t&agrave;i s&#7843;n &#7893;n &#273;&#7883;nh.
D&#7919; li&#7879;u m&#7899;i nh&#7845;t cho th&#7845;y USDT &#273;ang ti&#7871;p t&#7909;c m&#7903; r&#7897;ng v&#7873; s&#7889; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng, d&#7921; tr&#7919; c&#361;ng nh&#432; kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch, m&#7863;c d&ugrave; th&#7883; tr&#432;&#7901;ng chung c&oacute; d&#7845;u hi&#7879;u thu h&#7865;p.
Tuy nhi&ecirc;n, s&#7921; l&#7899;n m&#7841;nh &#273;&oacute; l&#7841;i khi&#7871;n thanh kho&#7843;n v&agrave; t&#7847;m quan tr&#7885;ng h&#7879; th&#7889;ng t&#7853;p trung v&agrave;o m&#7897;t c&ocirc;ng c&#7909; duy nh&#7845;t. S&#7921; &#7893;n &#273;&#7883;nh c&#7911;a t&#7927; gi&aacute; neo Tether ng&agrave;y c&agrave;ng kh&ocirc;ng ch&#7881; ph&#7909; thu&#7897;c v&agrave;o m&#7897;t c&ocirc;ng ty m&agrave; c&ograve;n ph&#7909; thu&#7897;c v&agrave;o s&#7913;c b&#7873;n c&#7911;a th&#7883; tr&#432;&#7901;ng crypto n&oacute;i chung.