USDT On-Chain Wallets Reach Record Numbers
Stablecoin issuer Tether reported a record 109 million on-chain wallets holding USDT at the beginning of the fourth quarter, showcasing the widespread adoption and utilization of the digital asset.
Integration with Centralized Platforms
USDT’s integration within centralized platforms has been a key driver of its growth, with over 86 million accounts receiving on-chain deposits. Centralized exchanges, which play a crucial role in the crypto ecosystem, recorded a staggering 4.5 billion visits in the first three quarters of 2024.
- USDT wallet numbers approaching Ethereum levels
- Far surpassing Bitcoin in terms of wallet holders
- 4.5 billion visits to centralized exchanges
Appeal Among Retail Users
USDT’s appeal among retail users lies in its accessibility, with wallet data showing that a significant number of accounts hold balances below $1. This accessibility has made USDT a preferred financial tool for individuals with modest financial means.
Key Statistics:
- 18.7 million accounts hold less than $1 in USDT
- 31.5 million accounts manage holdings between $1 and $1,000
- 30% of smaller wallets are periodically reactivated
Philip Gradwell, head of economics at Tether, emphasized the importance of USDT’s accessibility, particularly for unbanked users who may not have access to traditional financial services.
Domination in the Stablecoin Market
USDT continues to dominate the stablecoin market, with its on-chain wallet count surpassing competitors by a significant margin. Tether commands 97.5% of the total stablecoin supply across 25 different blockchains, solidifying its position as the leading stablecoin in the industry.
Market Resilience and Global Reliability
Even during market disruptions and events like the FTX collapse, USDT has maintained its global reliability and appeal. The stablecoin’s rapid expansion and widespread adoption reflect shifting user preferences and the growing demand for stable digital assets in the cryptocurrency space.
