Wang Long Chai
October 16, 2024 12:02
According to Tether.io, Tether’s USDT adoption will reach over 330 million on-chain wallets by the third quarter of 2024, demonstrating its global reach as a digital asset.
Tether’s USDT stablecoin has seen significant growth, marking an important milestone in cryptocurrency adoption. According to Tether.io, by the end of the third quarter of 2024, over 330 million on-chain wallets and accounts had received USDT. These numbers reflect the U.S. population.
User Adoption Milestones
USDT’s user base has expanded rapidly, with each quarter surpassing the previous in terms of user growth. In the last four quarters alone, it has increased by an average of 9%, adding a record 36.25 million new users in the third quarter of 2024. This growth reflects USDT’s growing role as a financial tool across diverse demographics around the world.
Understand your user base
USDT users can be categorized into two main groups: those who use on-chain methods, which involve blockchain transfers to personal wallets or centralized accounts, and 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 expand USDT’s reach.
Growth driven by layer 2 solutions and TON
The surge in USDT adoption is mainly due to its availability on multiple blockchains such as Tron, Binance Smart Chain, and Ethereum. However, rapid user growth has also been observed in Ethereum Layer 2 solutions such as Optimism, Arbitrum, and Polygon, as well as Avalanche and Solana. The recent launch of USDT on TON was a major contributor, adding 3.3 million users in less than 6 months, equivalent to 1% of all on-chain users.
Methodology and data sources
Tether leverages blockchain data from Chainalytic and Artemis to estimate the number of users on various blockchains. On-chain users are defined as wallets and accounts that have received USDT, while new users are defined as people who have received USDT for the first time within a certain period of time. This comprehensive approach provides conservative estimates by excluding internal operating 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 have an even greater impact on the global financial system, as evidenced by our upcoming Tether Insights series.
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