The number of unique users of the USDT stablecoin has exceeded the population of the United States
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Johny Smith
2024/10/22
3 mins read
At the end of Q3 2024, the number of on-chain wallets and accounts with positive Tether (USDT) balances reached and exceeded 330 million. This is comparable to the US population, Tether Insights reports. This indicator reflects the scale of growth and adoption of stablecoin, which has become one of the most popular and sought-after assets in the world of cryptocurrencies.
Moreover, the figure includes only on-chain accounts, that is, those holders who directly use the blockchain to store and transfer funds. Therefore, this number does not include users of centralized platforms.
According to the report, the number of users is growing every quarter. Thus, in the 3rd quarter of 2024 alone, the number of on-chain accounts increased by 36.25 million, and the average growth over the last 4 quarters was 9%. These dynamics indicate the continued expansion of the USDT user base and the attractiveness of the stablecoin as a means for international transfers and protection from market volatility.
USDT is a stablecoin pegged to the US dollar that was designed to provide stability to the cryptocurrency market. It is used not only for trading and investment, but also as a store of value, especially in countries with unstable currencies. USDT has become available on many blockchains, including TRON, Binance Smart Chain and Ethereum. However, the fastest growth in recent months has been seen in Ethereum’s Layer 2 networks such as Optimism and Arbitrum, as well as Solana, Avalanche and the recently added TON.
Tether Insights notes the significant contribution of the TON blockchain, which in just 6 months attracted 3.3 million new on-chain users, accounting for 1% of the total number of accounts USDT. The adoption of stablecoin on new chains promotes the continued growth and accessibility of stablecoin to various communities and countries, especially in contexts where traditional financial services may be limited. Thus, the rise in popularity of USDT illustrates the increasing role of digital assets in everyday life and the financial system.
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