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Tether (USDT) Stablecoin User Base Surges 330 Million, Mimicking the Population of the United States
Tether (USDT) Stablecoin User Base Surges 330 Million, Mimicking the Population of the United States
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
Tether (USDT) has seen a massive surge in its user base, reaching an impressive 330 million on-chain wallets by the end of Q3 2024. This growth is truly remarkable, putting it on par with the population of the United States.
To provide further perspective, USDT saw an average quarterly growth rate of 9%. Notably, Q3 2024 saw a record-breaking addition of over 36 million new users, making it the best-performing quarter for the stablecoin to date.
According to Tether's latest report, these on-chain wallet figures are an approximation, indicating that the actual number of users is likely higher, especially when considering the tens of millions using centralized platforms.
This growth is attributed to USDT's presence on multiple blockchains, with Tron, Binance Smart Chain, and Ethereum leading the way in adoption. Moreover, leading layer 2 blockchains like Optimism, Arbitrum, and Polygon have significantly contributed to this expansion, driving exponential user growth.
Interestingly, newer blockchains like TON have also shown impressive results, adding 3.3 million users in just six months.
Tether's Head of Economics, Philip Gradwell, highlighted the importance of USDT in meeting the everyday financial needs of people around the world, particularly in regions with limited access to traditional banking. He further noted that USDT's adoption extends beyond cryptocurrency speculation, making it a vital financial instrument for millions.
Collectively, Tether's presence spans diverse economies, positioning it as a key player in the future of decentralized finance.
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