Key Points
- Tether (USDT) reports 330 million on-chain wallets and accounts by Q3 2024, equivalent to the population of the USA, with additional tens of millions of off-chain users.
- User growth is accelerating, with an average quarterly increase of 9% over the last four quarters, and Q3 2024 saw a record 36.25 million new users.
Tether, the company behind the world’s largest stablecoin USDT, has revealed unprecedented user adoption figures. The cryptocurrency, which aims to maintain a one-to-one peg with the US dollar, has become a financial lifeline for millions globally, according to the company’s first “Tether Insights” report.
Explosive Growth Across Multiple Blockchains
Tether’s success story isn’t confined to a single blockchain. While Tron, Binance Smart Chain, and Ethereum remain the primary platforms for USDT transactions, the report highlights exponential growth on Ethereum Layer 2 solutions such as Optimism, Arbitrum, and Polygon. Additionally, newer blockchain integrations like Avalanche, Solana, and especially TON (Telegram Open Network) have contributed significantly to user expansion.
Philip Gradwell, Head of Economics at Tether, stated, “The rapid adoption we’re seeing, particularly on Layer 2 solutions and emerging blockchains like TON, demonstrates the versatility and growing importance of USDT in the global crypto ecosystem.”
The TON blockchain, in particular, has shown remarkable traction, adding 3.3 million users—approximately 1% of all USDT on-chain users—in just six months since its integration.
Understanding User Metrics and Methodology
The report provides insight into Tether’s methodology for counting users, distinguishing between on-chain and off-chain interactions. On-chain users are defined as unique wallets or accounts that have received USDT transactions recorded on the blockchain. Off-chain users, while not included in the 330 million figure, are estimated to number in the “tens of millions” according to Tether’s partners.
Tether sources its data from blockchain analytics firms Chainalysis and Artemis, employing sophisticated techniques to cluster and attribute addresses to specific entities. This approach aims to provide a more accurate representation of actual users rather than raw address counts.
Implications for the Cryptocurrency Ecosystem
The scale of Tether’s adoption has significant implications for the broader cryptocurrency market and global finance. With user numbers rivaling the population of major countries, USDT’s role as a bridge between traditional finance and the crypto world is more apparent than ever.
“Digital assets are increasingly integral to everyday life,” Gradwell noted, hinting at future reports that will delve deeper into the impact and use cases of USDT across different communities and countries.
As regulatory scrutiny of stablecoins intensifies worldwide, Tether’s transparency in releasing these figures could be seen as a proactive step in addressing concerns about the scale and influence of its operations.
The cryptocurrency community now eagerly awaits further insights promised by Tether, which may shed light on user behavior, geographic distribution, and the economic impact of USDT on a global scale.
