TL;DR
- USDT has reached a record 330 million wallets and blockchain accounts by the end of the third quarter of 2024.
- The growth includes the addition of 36.25 million new accounts, consolidating the stablecoin as a pillar of the crypto market.
- Ethereum L2s and the TON network boosted its usage, with rapid growth in transactions and adoption.
Tether has revealed that its stablecoin USDT has reached a new record, with approximately 330 million wallets and blockchain accounts receiving the cryptocurrency by the end of the third quarter of 2024.
This successful growth is partly due to the addition of 36.25 million new accounts during this period. This has consolidated USDT as one of the pillars of the crypto market. According to Tether, this increase represents an acceleration in the adoption of its stablecoin, with an average user growth of 9% per quarter over the past year.
Tether Insights #1
by @philip_gradwellKey takeaways:
– new $USDt on-chain wallets growing to 35M+ per quarter
– hundreds of millions of on-chain wallets (without even counting several tens of millions of CEX only users)
– steady growth, from the beginning$USDt has become the… https://t.co/sjOVJgVcEK— Paolo Ardoino 🤖🍐 (@paoloardoino) October 16, 2024
This achievement does not include users who use USDT exclusively on centralized platforms, meaning the total number of people using the stablecoin is even higher. Tether’s Head of Economics, Philip Gladwell, compared the total user base to the population of the United States. USDT is making a strong impact on users’ daily financial lives globally.
The Impact of USDT on Emerging Economies
Tether’s CEO, Paolo Ardoino, spoke about the impact of the cryptocurrency in emerging markets, where it has been widely adopted as a digital alternative to the dollar. Its growth reflects users’ trust in the asset’s stability and utility in economic environments where local currencies can be more volatile. Currently, USDT remains the dominant stablecoin in the market, with a market capitalization close to $120 billion, giving it a 69% share of the stablecoin market.
In addition to overall growth, this momentum was further driven by its adoption on blockchain networks like Ethereum and Tron. However, the highest percentage growth over the past year has been recorded on Ethereum Layer 2 networks such as Optimism and Arbitrum. These platforms have significantly contributed to the increased use of USDT. Additionally, the launch on new chains like TON and Celo has greatly expanded its reach. The TON network has seen meteoric growth, adding 3.3 million new users in six months and processing over 4.5 million transactions in the last 30 days
