Tether, the company behind the USDT stablecoin, has recently reported that around 330 million on-chain wallets and accounts have received USDT by the end of Q3 2024. These accounts play a crucial role in measuring user engagement with the digital asset.
According to the first-ever Tether Insight report, Philip Gladwell, Tether’s Head of Economics, highlighted that the user base of USDT has been consistently growing. The number of users has increased by an average of 9% per quarter over the last four quarters, with the third quarter of this year witnessing the highest growth yet—adding 36.25 million new users.
Gladwell noted that the total user base does not include those who solely use USDT on centralized exchanges, which would add millions more users to the count. He emphasized the significance of this widespread adoption, comparing the user base to the population of the United States. This demonstrates USDT’s position as a key player in everyday financial transactions.
CEO Paolo Ardoino also commented on the milestone, stating that “USDt has become the digital dollar for emerging markets and developing countries,” highlighting the significant impact of USDT’s adoption.
With a market capitalization of nearly $120 billion, Tether’s USDT is the largest stablecoin, capturing around 69% of the stablecoin market.
L2 Chains and TON Fueling Tether’s Expansion
USDT is available on various blockchain platforms, with notable usage on Tron, Binance Smart Chain, and Ethereum. However, the fastest growth in the past year has been observed on Ethereum Layer 2 networks like Optimism, Arbitrum, and Polygon. Other chains such as Avalanche and Solana have also contributed to the increasing presence of USDT.
In addition, USDT has recently been launched on the TON and Celo networks. TON has seen rapid user growth, with 3.3 million new users joining in just six months, accounting for approximately 1% of all USDT on-chain users.
Crypto analyst J.A. Maartun, referring to data from CryptoQuant, pointed out a significant rise in USDT adoption on the TON blockchain. There have been over 4.5 million transactions in the last 30 days, totaling around $300 million in USDT transactions on TON last month.
As per the latest data, Tether reports that the net USDT supply on TON is currently around $738 million.