Tether USDT hits 330M on-chain wallets in Q3 2024, with 36.25M new users, marking a major growth milestone in digital finance.
USDT sees rapid growth on Ethereum Layer 2 chains like Optimism, with TON adding 3.3M users, boosting adoption across networks.
Tether’s USDT expands across multiple blockchains, driving significant global adoption both on-chain and off-chain platforms.
330 million on-chain wallets and accounts are now available for Tether's USDT, breaking records even in 2024, according to Tether Insights. Notably, this figure excludes users on centralized platforms, which also account for tens of millions. This was supported by users who moved from TON and Celo, while Q3 2024 had highest quarterly growth, having added 36.25 million new users.
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Though the Ethereum Layer 2 solutions—Polygon, Arbitrum, and Optimism—have experienced the fastest percentage gain, the blockchains of Tron, Binance, and Ethereum are still in the process of implementing USDT. In addition, Avalanche and Solana have experienced notable expansion. This growth emphasizes USDT's expansion in digital finance.
New Milestones in USDT User Growth
Q3 2024 set a new record for Tether, with over 36.25 million new on-chain users. Moreover, this surge was fueled by the adoption of USDT on newer blockchains like TON and Celo. TON alone added 3.3 million users, making up 1% of all USDT on-chain users within six months.
However, these numbers are just a part of the broader adoption story. USDT is utilized both on-chain and off-chain. On-chain users interact with personal wallets and centralized accounts, while off-chain users trade or hold USDT on centralized platforms.
Growing Impact Across Blockchains
Furthermore, blockchain data from platforms like Chainalysis and Artemis reveals the substantial global reach of USDT. Major networks such as Tron, Binance Smart Chain, and Ethereum lead in user numbers. However, newer blockchains, especially Ethereum Layer 2 solutions, are catching up fast.
Additionally, on-chain estimates are considered conservative due to clustering techniques that eliminate internal wallet operations. Solana, Base, Celo, and TON provide a more generous estimate of users as they lack clustering data.
Tether’s USDT is proving to be an essential digital asset, driving global adoption across diverse blockchain ecosystems. The Q3 2024 growth numbers underline its increasing role in the financial world, both on-chain and off-chain.
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