Tether reaches 330 million USDT users
Tether, the company responsible for the USDT stablecoin, announced that around 330 million on-chain accounts and wallets had received the digital asset by the end of the third quarter of 2024. These numbers are considered an important indicator of user engagement.
In the first Tether Insight report, Philip Gladwell, head of economics at Tether, highlighted that the USDT user base has shown accelerated and continuous growth. Over the last four quarters, the number of users has grown, on average, 9% per quarter. In the third quarter of this year, Tether recorded its best performance, with the addition of 36.25 million new users.
As Gladwell highlighted, these numbers do not include those who use USDT only on centralized exchanges, which represents millions of additional users. It compared the total user base to the population of the United States. Furthermore, he stated that the adoption of USDT demonstrates its role as a relevant tool in daily financial activities.
Paolo Ardoino, CEO of Tether, commented on the importance of this milestone, stating that “USDT has become the digital dollar for emerging markets and developing countries. The numbers don’t lie.”
USDT is currently the largest stablecoin on the market, with a market cap of nearly $120 billion, controlling around 69% of the stablecoin market.
Tether Growth Driven by L2 and TON Networks
USDT is widely available across multiple blockchain platforms, with the highest usage recorded on Tron, Binance Smart Chain, and Ethereum. However, the fastest growth over the last year has been on Ethereum's Layer 2 networks such as Optimism, Arbitrum, and Polygon. Other networks such as Avalanche and Solana have also contributed to the expansion of USDT.
Recently, USDT arrived on the TON and Celo networks. The TON network in particular has seen rapid user growth, with the addition of 3.3 million new users in just six months. This represents approximately 1% of all USDT on-chain users.
Cryptocurrency analyst JA Maartun, citing data from CryptoQuant, noted a significant increase in USDT adoption on the TON blockchain, with more than 4.5 million transactions in the last 30 days. Additionally, USDT transactions on TON totaled around $300 million last month.
According to the latest data, Tether reports that the net supply of USDT on TON is approximately $738 million.