Tether’s USDT user growth was highest in Q3, with an average increase of 9% over the past 12 months, mitigating the company’s potential to expand into more traditional financial markets.
Tether reports 36.25 million new on-chain USDT (USDT) wallets and users engaged with the largest cryptocurrency stablecoin in the third quarter of 2024, a new quarterly high for the digital payments giant. Recorded the record. The USDT operator clarified that off-chain users, primarily on centralized platforms such as Binance and Coinbase, are excluded from the analysis.
Citing personal data shared with Tether by partner companies, the October 16 report revealed that there are tens of millions of USDT users on centralized exchanges and other off-chain venues.
Last quarter’s inflow set a new all-time record for the number of wallets in USDT’s on-chain accounts. More than 300 million addresses received Tether’s stablecoin, which is roughly equal to the entire population of the United States.
Quarterly USDT User Growth
Ethereum L2 and Telegram’s TON drive tether boom
As the largest stablecoin on the market, several Tier 1 blockchains support USDT, including Binance Smart Chain, Ethereum (ETH), and Tron (TRX). Tether noted that its Ethereum-based Layer 2 scaling network contributed the most to USDT user growth in Q3.
Last year, the companies that registered the most USDT users were Optimism (OP), Arbitrum (ARB), and Polygon (POL). Avalanche (AVAX) and Solana (SOL) contributed to the expansion of Tether accounts.
The company said Telegram’s open network has also shown “explosive growth” since USDT went live on TON in April. Philip Gladwell, head of economics at Tether, said TON added 3.3 million users in six months. At the time of writing, TON accounts for 1% of all USDT on-chain accounts.
Growth of USDT on blockchain
As USDT business reaches new heights, the digital payment service provider has also turned to other initiatives through its investment arm. The company is said to be considering lending billions of dollars to traditional finance and commodity trading companies from its record profits.
