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 tip of Q3 2024. These accounts and wallets are a important measure of consumer engagement.
Within the first-ever Tether Perception report, Philip Gladwell, Tether’s Head of Economics, identified that USDT’s consumer 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 12 months 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 signify thousands and thousands extra customers. He highlighted the importance of those numbers, evaluating the whole consumer base to the inhabitants dimension of the US. In line with him, USDT’s widespread adoption illustrates its function as a major participant in on a regular basis monetary actions.
Tether CEO Paolo Ardoino commented on the importance of this milestone, stating:
“USDt has turn into the digital greenback for rising markets and creating nations. Numbers don’t lie.”
Tether’s USDT is the most important stablecoin, with a market capitalization of practically $120 billion, controlling round 69% of the stablecoin market.
L2 Chains and TON drive Tether’s development
USDT is extensively obtainable throughout a number of blockchain platforms, with the very best utilization recorded on Tron, Binance Sensible Chain, and Ethereum.
Nonetheless, the previous 12 months 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 just lately launched on the TON and Celo networks. TON has skilled fast consumer 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 knowledge from CryptoQuant, famous a major 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 knowledge, Tether experiences that the online USDT provide on TON at present stands at roughly $738 million.
