Tether has unveiled a remarkable milestone in its latest report, highlighting the widespread adoption of its stablecoin, USDT. According to the report, USDT has reached an impressive 330 million on-chain wallets and accounts by the end of Q3 2024, a figure that equates to the population of the United States.
These numbers, however, only scratch the surface. The report further reveals that several tens of millions more users engage with USDT through centralized platforms, indicating that the true number of USDT users is even higher. This growth is not only significant but also accelerating, with each quarter seeing an increase in user adoption.
Explosive Growth Across Blockchains
USDT’s adoption spans multiple blockchains, with the most notable usage on Tron, Binance Smart Chain, and Ethereum. Interestingly, the fastest growth has been observed on Ethereum Layer 2 solutions such as Optimism, Arbitrum, and Polygon, alongside Avalanche and Solana. In a recent development, USDT launched on the TON and Celo blockchains, with TON witnessing a rapid expansion by adding 3.3 million users, representing 1% of all USDT on-chain users within just six months.
The report, part of Tether Insights, aims to provide a comprehensive understanding of USDT’s impact and adoption across the globe. It emphasizes the innovative ways in which digital assets are becoming integral to everyday life, offering financial access to diverse communities.
Understanding USDT User Metrics
In measuring USDT’s user base, Tether focuses on on-chain wallets and accounts, which are derived from blockchain data. This method provides an upper bound estimate, as individuals may have multiple wallets or accounts that are used infrequently. The data is sourced from Chainalysis for various blockchains, including Ethereum, Tron, and Binance Smart Chain, among others.
For blockchains like Solana and TON, where attributed and clustered data is not available, user estimates are more generous. These insights reveal the growing significance of USDT in the digital asset landscape, as Tether continues to empower users worldwide.
The project has announced here in the blog post. Tether’s commitment to transparency and growth is evident as it plans to delve deeper into these metrics in future reports, further exploring the theme of digital asset integration into daily life.
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