Tether, the company behind the USDT stablecoin, announced that approximately 330 million on-chain wallets and accounts received digital assets as of the end of Q3 2024. These accounts and wallets are important measures of user engagement.
In the first-ever Tether Insight report, Tether’s Head of Economics, Philip Gladwell, noted that USDT’s user base is growing at a sustained and accelerated pace.
Over the past four quarters, user numbers have grown by an average of 9% each quarter, and the third quarter of this year was the company’s most successful to date, with 36.25 million new users.
Gladwell emphasized that this figure does not include users who only use USDT on centralized exchanges, which equates to millions more users. He compared the total user base to the size of the US population and emphasized the importance of these numbers. According to him, the widespread adoption of USDT shows that it plays an important role in daily financial activities.
Tether CEO Paolo Ardoino commented on the significance of this milestone:
“USDt has become the digital dollar for emerging market and developing countries. The numbers don’t lie.”
Tether’s USDT is the largest stablecoin, with a market capitalization of nearly $120 billion and controlling about 69% of the stablecoin market.
L2 chain and TON drive tether growth
USDT is widely available on multiple blockchain platforms, with the highest usage recorded on Tron, Binance Smart Chain, and Ethereum.
However, Ethereum Layer 2 networks such as Optimism, Arbitrum, and Polygon have shown the fastest growth rates over the past year. Other chains such as Avalanche and Solana are also helping USDT expand its footprint.
Additionally, USDT was recently launched on the TON and Celo networks. TON has experienced rapid user growth, adding 3.3 million new users in just six months, accounting for approximately 1% of total USDT on-chain users.
Citing data from CryptoQuant, crypto analyst JA Maartun pointed out that USDT adoption on the TON blockchain has increased significantly, with over 4.5 million transactions in the past 30 days alone. He also highlighted that USDT trading on TON last month amounted to approximately $300 million.
As of the latest data, Tether reports that its net USDT supply in TON is currently around $738 million.
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