- USDT adoption hits 330 million on-chain wallets by Q3 2024.
- Layer 2 chains like Optimism, Arbitrum, and TON are major contributors to user growth.
- USDT’s user base grew 9% each quarter, with 36.25 million new users in Q3 alone.
Tether announced its stablecoin, USDT, saw a dramatic increase in its user base. By the end of Q3 2024, the network recorded 330 million on-chain wallets, solidifying its position in the digital asset market.
This milestone is a testament to the growing importance of USDT. To put this into perspective, the uptick in user adoption is comparable to the population of the United States. Furthermore, the user base is expanding rapidly, with an average quarterly growth rate of 9%. In Q3 2024 alone, USDT added over 36 million new users, making it the best-performing quarter yet for the stablecoin.
According to Tether’s latest insights, these on-chain wallet figures are a rough estimation, meaning the actual number of users is likely higher when considering the tens of millions using centralized platforms. This growth is fueled by USDT’s availability on multiple blockchains, with Tron, Binance Smart Chain, and Ethereum leading the way in adoption.
Read also: Tether CEO: We’re the Only Stablecoin That Onboarded the FBI
Leading layer 2 blockchains such as Optimism, Arbitrum, and Polygon have also contributed significantly to this expansion, driving exponential user growth. Newer blockchains like TON have also shown impressive results, adding 3.3 million users in just six months.
USDT: A Vital Financial Instrument
Tether’s Head of Economics, Philip Gradwell, explained that USDT serves the everyday financial needs of people around the world, particularly in those regions lacking access to traditional banking. He also stated that the adoption of USDT goes beyond cryptocurrency speculation, acting as a vital financial instrument for millions.
That said, Tether’s impact spans diverse economies, making it a key player in the future of decentralized finance.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
