According to Tether, 109 million on-chain wallets held USDT at the start of the fourth quarter, making the stablecoin one of the most popular assets.
“109 million on-chain wallets held USDT at the start of Q4 2024, which is more than double the number of wallets holding bitcoin and close to the 128 million wallets holding Ethereum – making USDT one of the most widely held digital assets.”
USDT wallets have increased 71% in the past year and 129% the year before, driven primarily by wallets holding less than $1,000. The growth is largely fuelled by adoption in emerging markets, including Africa.
STABLECOINS | Majority of New $USDT Users Are Coming from Emerging Markets, Including African Cities, Says a Bloomberg Analysis
According to Ardoino, Tether has just over 300 million users globally.https://t.co/DQz6v1xCHi @Tether_to @paoloardoino pic.twitter.com/jXthoNYyGt
— BitKE (@BitcoinKE) November 6, 2024
This is epitomized by transactions on centralized platforms, like cryptocurrency exchanges.
According to Tether, centralized platforms remain a vital part of the ecosystem, hosting 86 million accounts that have received on-chain USDT deposits. Exchanges on these platforms attracted 4.5 billion web visits during the first three quarters of 2024.
46% of these visits originated from emerging markets, where users often depend on USDT for saving, transacting, and managing financial challenges. In many instances, users handle all activities – buying, holding, and sending – exclusively within these platforms.
“We know from our partners that many users of exchanges in emerging markets buy, hold, and send USDT entirely within the platform. So while only the platforms themselves know the current balances of these 86 million accounts – and the several tens of millions of users who exclusively use off-chain USDT – it is likely that many of them continue to hold USDT.”
According to Tether, USDT’s accessibility is a key factor in its popularity, particularly among retail users. Wallet data reveals that 18.7 million accounts hold balances of less than $1, while another 31.5 million accounts manage holdings between $1 and $1,000, showcasing USDT’s capacity to cater to users with limited financial resources.
Just over a million wallets hold more than $1,000 of USDT, with two thirds of these holding between $1,000 and $10,000 of USDT, Tether said.
In the competition of stablecoins, Tether data shows four times more wallets than all other stablecoins combined.
“As of November 1 [2024], 54 million on-chain wallets held more than one cent of USDT, compared to just 13.8 million wallets for all other stablecoins, a 4:1 ratio. This comprehensive analysis spans 25 stablecoins across 10 blockchains, covering 97.5% of the total stablecoin supply.”
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