Wang Rongzi October 16, 2024 12:02
According to Tether.io, Tether’s USDT adoption will reach over 330 million on-chain wallets by Q3 2024, demonstrating its global impact as a digital asset.
Tether’s USDT stablecoin has experienced significant growth and marked a significant milestone in the adoption of cryptocurrencies. According to Tether.io, by the end of the third quarter of 2024, over 330 million on-chain wallets and accounts received USDT. This number reflects the population of the United States.
Milestones in user adoption
USDT’s user base is rapidly expanding, with each quarter’s user growth exceeding the previous quarter. The past four quarters alone have seen average growth of 9%, with Q3 2024 adding a record 36.25 million new users. This growth indicates the increasing role of USDT as a financial tool across different segments of the world.
Understand your user base
USDT users can be divided into two main groups. One is users who use on-chain methods that involve blockchain transfers to personal wallets or centralized accounts, and the other is off-chain users who trade or buy USDT on centralized platforms. While the current report focuses on on-chain users, estimates suggest that off-chain accounts held by tens of millions of people further extend USDT’s reach.
Layer 2 solutions and TON drive growth
The surge in USDT adoption is largely due to its availability on multiple blockchains, particularly Tron, Binance Smart Chain, and Ethereum. However, Ethereum Layer 2 solutions such as Optimism, Arbitrum, and Polygon, as well as Avalanche and Solana, are seeing rapid user growth. The recent launch of USDT on TON has been a major contributor, adding 3.3 million users within 6 months, representing 1% of the total on-chain users.
Methodology and data sources
Tether leverages blockchain data from Chainaracy and Artemis to estimate the number of users across different blockchains. On-chain users are defined as wallets and accounts that have received USDT, and new users are those who have received USDT for the first time within a certain period of time. This comprehensive approach provides conservative estimates by excluding internal operation addresses.
This data reflects USDT’s role in providing financial access to diverse communities and highlights USDT’s importance in the global digital economy. With continued growth, USDT is poised to further impact financial systems around the world, as shown in our upcoming Tether Insights series.
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