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The third quarter of 2024 saw a notable increase in Tether’s USDT, marking new ground for the biggest stablecoin in the cryptocurrency space. On-chain wallets increased by 36.25 million throughout the quarter, indicating an excellent increase in new users for the corporation. With its fastest quarterly growth to date, USDT is becoming more and more popular and may eventually find its way into more established financial markets.
According to a recent report, Tether’s user base grew by 9% over the last 12 months, with Q3 2024 being the best quarter yet for the stablecoin. Importantly, the analysis focused solely on on-chain users, excluding those on centralized platforms such as Binance and Coinbase. Tether clarified that off-chain wallets, which play a significant role in its broader ecosystem, were not part of the reported growth.
The Oct. 16 report also highlighted that many USDT users exist on centralized exchanges, although their numbers were not included in this particular assessment. These users contribute significantly to the overall adoption of USDT, further boosting its dominance in the stablecoin market.
Tether’s stablecoin has now reached over 300 million on-chain addresses, nearly matching the population of the United States. This remarkable growth showcases the broad appeal of USDT, positioning it as a key player in global digital payments. As Tether’s user base continues to expand, the company is exploring possible moves into more traditional financial sectors.
With this latest growth spurt, Tether’s future looks increasingly bright. The company’s ability to attract tens of millions of new users reflects both the rising demand for stablecoins and the growing trust in Tether as a reliable digital payment method.