Tether, the company behind the popular USDT stablecoin, has reached a significant milestone with 330 million wallets and accounts holding its digital asset by the end of the third quarter of 2024. This record number of users demonstrates the growing popularity and adoption of USDT in the cryptocurrency market.
In a recent report titled Tether Insight, Philip Gladwell, Tether’s Head of Economics, highlighted the sustained and accelerating growth of USDT’s user base. Over the past year, the number of users has increased by an average of 9% per quarter, with the third quarter of 2024 seeing a record-breaking 36.25 million new users.
It is important to note that these figures do not include users who only hold USDT on centralized exchanges, indicating that the actual number of users could be even higher. Tether CEO Paolo Ardoino emphasized the significance of USDT’s role as a digital dollar for emerging markets and developing countries, solidifying its position as a key player in the financial ecosystem.
With a market capitalization of nearly $120 billion, USDT remains the largest stablecoin in the market, capturing 69% of the stablecoin market share. The token is available on various blockchain platforms, with Ethereum, Tron, and Binance Smart Chain recording the highest usage.
Notably, USDT has experienced rapid growth on Ethereum Layer 2 networks such as Optimism and Arbitrum in the past year. The token has also expanded its presence on other chains like Avalanche and Solana. Recently, USDT has been launched on the TON and Celo networks, further increasing its accessibility to users.
The TON network, in particular, has seen a significant increase in USDT adoption, with 3.3 million new users joining in the last six months alone. Crypto analyst J.A. Maartun reported a surge in USDT transactions on the TON blockchain, totaling around $300 million in the last month. The net USDT supply on TON currently stands at approximately $738 million, indicating the network’s growing importance in the cryptocurrency space.
Overall, Tether’s USDT continues to dominate the stablecoin market, with its widespread adoption across various blockchain platforms and networks. The company’s latest milestone of 330 million wallets and accounts holding USDT reflects the increasing demand for digital assets in the evolving financial landscape.
