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USDT On-chain Wallets Achieve Impressive Growth In Q3

Key Points:

Tether reached 330 million USDT on-chain wallets by the end of Q3 2024, excluding centralized platform users.
A record 36.25 million new users were added in Q3 2024, driven by growth on TON and Celo blockchains.

Tether, the company behind the USDT stablecoin, reported that as of the end of Q3 2024, all in all, 330 million on-chain USDT wallets and accounts have received USDT.

USDT On-Chain Wallets Reach 330 Million in Q3 2024

USDT on-chain wallets represent the increasing reach of the stablecoin across various blockchain platforms. As this number counts only on-chain wallets, it doesn’t account for the millions of users who interact with USDT through centralized exchanges.

In Q3 of 2024 alone, an additional 36.25 million users were onboarded-a quarterly record in the history of Tether. This growth, added to the report, can be mostly pegged to the recent expansions, especially the addition of users both from The Open Network, or TON, and Celo. As compiled by blockchain analytics platforms Chainalysis and Artemis, from Tether, the number of users has grown steadily at an average growth rate of 9% over the year, with the third quarter marking the fastest growth to date.

Ethereum Layer 2 and TON Drive Hyper-growth in USDT Adoption

The wide availability of several blockchain ecosystems means that most of the USDT usage is currently spread between Tron, Binance Smart Chain, and Ethereum. However, the latter’s second-layer solutions—Optimism, Arbitrum, and Polygon—have experienced the fastest-paced growth in the last year. Other blockchains like Avalanche and Solana have also contributed to this hyper-growth in user adoption.

In the case of this high flyer, TON blockchain added 3.3 million users, totalling 1% of all USDT on-chain wallets.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.