USDT has seen exponential growth, registering 330 million active on-chain wallets this year, according to a recent report by Tether Limited.
Tether-issued stablecoin USDT has seen exponential growth in its user base, reaching a remarkable 330 million wallets and accounts on the blockchain by the end of QXNUMX.
According to Tether, this growth not only reflects the growing acceptance of the stablecoin, but also highlights the pivotal role it plays in the daily finances of millions of people around the world. In its recent publication, Tether examined the adoption statistics and availability of USDT on different blockchains, as well as the impact that Layer 2 solutions and The Open Network (TON) blockchain have had on its usage and adoption.
Unprecedented growth for USDT
USDT user growth has been impressive, Tether noted, with an average increase of 9% each quarter over the past yearThis growth translates into 36,25 million new users in the third quarter of 2024 alone. In total, the company noted that the 330 million on-chain users of its stablecoin are equivalent to almost the entire population of a country like the United States.
Tether also stressed that USDT adoption has been driven by its utility in everyday transactions, as well as its ability to serve as a safe haven in volatile markets.
Source: Tether Limited
The company also stressed that this growth reported by the stablecoin does not include people who only use USDT on centralized platforms such as exchanges, although it assured that there are “tens of millions” more, according to its partners.
USDT's nature as a stablecoin, which is pegged to the value of the US dollar, has contributed to its popularity. Users can transact without worrying about the volatility that characterizes other cryptocurrencies. This has led to an increase in its use both on centralized platforms and in blockchain transactions.
In addition, Tether has made significant efforts to educate users about the advantages of using its stablecoin. Through information campaigns and documentaries, it has sought to highlight the advantages of this cryptocurrency, which has become a financial lifeline for people in various parts of the world, especially in countries where access to traditional financial systems is limited.
USDT Adoption Statistics
The USDT adoption statistics that Tether shared in its recent post are revealing.
According to the data collected, users are increasingly interacting with USDT through on-chain wallets and accounts. Furthermore, Tether’s report highlighted that the stablecoin’s user growth is not only limited to on-chain adoption but also extends to off-chain accounts. This means that many users are buying or trading USDT on centralized exchange platforms, reflecting the growing interest in this digital asset.
Source: Tether Limited
Layer 2 and TON: Key drivers of USDT adoption
Tether highlighted that the availability of USDT on multiple blockchains has been a crucial factor in its growth and success in the global market. Currently, the stablecoin is available on platforms such as Tron, Binance Smart Chain, and Ethereum, allowing users to choose the chain that best suits their needs. However, The fastest growth in percentage terms has been observed in Layer 2 solutions. 2, such as Optimism, Arbitrum and Polygon and on the blockchain The Open Network (TON), related to Telegram.
These Layer 2 solutions offer faster and cheaper transactions, which has attracted an increasing number of users to use USDT. On the other hand, the TON blockchain has demonstrated explosive growth, adding 3,3 million users in just six months. This represents approximately 1% of all users on the USDT chain, underlining the growth potential that still exists in the Tether ecosystem.
“USDT has also recently launched on TON and Celo, with TON experiencing explosive growth by adding 3.3 million users, 1% of all on-chain USDT users, in just six months.”, the company said.
USDT’s ability to operate on multiple blockchains not only expands its accessibility but also allows users to take advantage of the unique features of each platform. For example, some users may prefer the speed of transactions on Tron, while others may opt for the security and robustness of Ethereum.
The growth of USDT on these platforms has also been fueled by the growing acceptance of decentralized finance (DeFi). As more users look to participate in the DeFi ecosystem, demand for stablecoins like USDT has increased, thus facilitating access to a variety of innovative financial services.
