At the beginning of the fourth quarter of this year, there were around 109 million users having USDT in on-chain wallets.
On December 9, a report by Tether revealed that an overall 165 million or over holds the stablecoin on-chain.
At the time of writing, the market capitalization of USDT stood at more than $137 billion, which is more than three times the nearest challenger USDC.
Tether has recently revealed that out of the millions of on-chain wallets that had collected the USDT stablecoin by the end of the third quarter of this year, over 109 million are holders.
Tether mentioned in a blog post on December 9 that millions of users use the Tether stablecoin as their bank account in the current scenario. A report was released this October which revealed that around 330 million users depicted by on-chain wallets and accounts had accumulated USDT as per the data from the end of September 2024.
At the same time, the report further went on to add the statement of the head of economics at Tether, Philip Gradwell that many more users with USDT just use it as off-chain. This clearly reveals that adoption for the world’s biggest stablecoin in terms of market capitalization is broader than the shown data.
The overall holders
At the beginning of the fourth quarter of this year, there were around 109 million users having USDT in on-chain wallets. This figure overshadows Bitcoin wallets by over double and it is not far off the 128 million wallets that held Ethereum on-chain at the beginning of October 2024.
On top of 109 million on-chain USDT wallets, Tether approximates that two-thirds or around 56 million of the wallets that utilize the stablecoin on centralized platforms are only holders. Partner details reveal that many prominent crypto exchanges over the globe use the platforms to extensively buy, hold, and transfer USDT. These exchanges include Binance, Coinbase, and more.
On December 9, a report by Tether revealed that an overall 165 million or over holds the stablecoin on-chain. The persistent reactivation of wallets in between recurred payments also says many more users trust and value the utility of USDT as a store of value.
More dig into data
Tens of millions of accounts are allowed to hold USDT over centralized exchanges as well as trading platforms. It is noteworthy that 18.7 million wallets hold starting from one cent and going to $1 of USDT.
At the same time, 31.5 million wallets now hold around $1 to $1,000 in USDT. Some data reveals that on-chain USDT wallets surpass all other stablecoins by around 4x, having 54 million related to 13.8 million wallets for competitors.
At the time of writing, the market capitalization of USDT stood at more than $137 billion, which is more than three times the nearest challenger USDC. In the current scenario, the market capitalization of USDC stands at about $40 billion.