Tether, the corporate behind the USDT stablecoin, has introduced that roughly 330 million on-chain wallets and accounts had acquired the digital asset as of the top of Q3 2024. These accounts and wallets are a vital measure of person engagement.
Within the first-ever Tether Perception report, Philip Gladwell, Tether’s Head of Economics, identified that USDT’s person base has seen sustained and accelerating development.
During the last 4 quarters, the variety of customers has grown by a mean of 9% per quarter, with the third quarter of this yr marking the corporate’s most profitable but—bringing in 36.25 million new customers.
Gladwell emphasised that this determine excludes those that solely use USDT on centralized exchanges, which symbolize hundreds of thousands extra customers. He highlighted the importance of those numbers, evaluating the full person base to the inhabitants measurement of the USA. In accordance with him, USDT’s widespread adoption illustrates its position as a big participant in on a regular basis monetary actions.
Tether CEO Paolo Ardoino commented on the importance of this milestone, stating:
“USDt has develop into the digital greenback for rising markets and creating international locations. Numbers don’t lie.”
Tether’s USDT is the most important stablecoin, with a market capitalization of almost $120 billion, controlling round 69% of the stablecoin market.
L2 Chains and TON drive Tether’s development
USDT is broadly obtainable throughout a number of blockchain platforms, with the best utilization recorded on Tron, Binance Good Chain, and Ethereum.
Nevertheless, the previous yr has seen the quickest proportion development on Ethereum Layer 2 networks corresponding to Optimism, Arbitrum, and Polygon. Different chains like Avalanche and Solana have additionally contributed to USDT’s increasing footprint.
Moreover, USDT has lately launched on the TON and Celo networks. TON has skilled fast person development, including 3.3 million new customers inside simply six months, accounting for about 1% of all USDT on-chain customers.
Crypto analyst J.A. Maartun, citing information from CryptoQuant, famous a big improve in USDT adoption on the TON blockchain, with greater than 4.5 million transactions within the final 30 days alone. He additionally highlighted that USDT transactions on TON amounted to round $300 million final month.
As of the most recent information, Tether studies that the online USDT provide on TON at present stands at roughly $738 million.
