The company Tether, which issues the USDT stablecoin, has reported that as of Q3 2024, about 330 million on-chain wallets and accounts have received this digital currency. This metric is vital for gauging user engagement within the crypto ecosystem.
Tether’s Remarkable Growth in User Base
In the inaugural Tether Insight report by Philip Gladwell, Tether’s Head of Economics, he highlighted the remarkable and ongoing surge in USDT’s user base.
Quarterly Growth Patterns
During the previous four quarters, there has been an average increase in users of 9% each quarter, with Q3 2024 marking an impressive addition of 36.25 million users.
Gladwell emphasized that this count does not include those solely utilizing USDT on centralized exchanges, which involves millions more users. He compared the size of the USDT user base to the population of the United States, underscoring its significant role in daily financial transactions.
CEO Insight on Milestone Achievements
Tether’s CEO Paolo Ardoino remarked on this significant growth by stating:
“USDT has emerged as the digital dollar across emerging markets and developing nations. The numbers are undeniable.”
Market Dominance of USDT Stablecoin
USDT maintains its status as the premier stablecoin with a market capitalization nearing $120 billion, commanding approximately 69% of the overall stablecoin market.
Blockchain Platforms Supporting USDT
USDT enjoys extensive availability across various blockchain platforms. The highest levels of usage have been recorded on:
Fastest Growth in Ethereum Layer 2 Networks
Over the past year, Ethereum Layer 2 networks such as:
Have seen the sharpest percentage growth. Additional chains like Avalanche and Solana are also expanding USDT’s reach.
USDT’s Expansion on the TON Network
Recently, USDT has been launched on the TON and Celo networks. As per reports, TON has rapidly grown, adding approximately 3.3 million users within six months, which constitutes about 1% of the total on-chain USDT users.
Crypto analyst J.A. Maartun, referencing CryptoQuant data, noted the robust adoption of USDT on the TON blockchain, which recorded over 4.5 million transactions in the last month. The total USDT volume transacted on the TON network was around $300 million during that period.
Currently, Tether reports that the net USDT supply on TON is approximately $738 million.
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