Tether added 36.25m USDT users in Q3 2024

Tether’s USDT user growth hit its best quarter in the third quarter, rising an average of 9% over the past 12 months, slowing the firm’s potential expansion into more traditional financial markets.

Tether reported that 36.25 million new on-chain USDT (USDT) wallets and users interacted with the largest crypto stablecoin in the third quarter of 2024, marking a new quarterly record for the digital payments giant. The USDT operator clarified that off-chain users primarily located on centralized platforms such as Binance or Coinbase were excluded from the analysis.

A report published on October 16, citing private data shared with Tether by partner firms, revealed that there are tens of millions of USDT users on centralized exchanges and other off-chain venues.

Last quarter’s influx set a new all-time record for USDT wallets for on-chain accounts. More than 300 million addresses have acquired Tether’s stablecoin; This is almost equal to the entire population of the United States.

USDT users growth per quarter Ethereum L2s and Telegram’s TON fuel Tether boom

As the largest stablecoin in the market, Binance Smart Chain supports USDT on many tier 1 blockchains such as Ethereum (ETH) and Tron (TRX). Tether noted that Ethereum-based layer 2 scaling networks contributed the most to USDT user growth in Q3.

Optimism (OP), Arbitrum (ARB) and Polygon (POL) added the most USDT users last year. Avalanche (AVAX) and Solana (SOL) helped increase Tether accounts.

The Open Network on Telegram has also seen “explosive growth” since USDT went live on TON in April, the firm said. According to Tether Economics Manager Philip Gradwell, TON added 3.3 million users in six months. As of press time, TON accounted for 1% of all USDT on-chain accounts.

USDT growth on blockchains

With the USDT business reaching new heights, the digital payment service provider has expanded its sights to other ventures through its investment arm. The company is said to be exploring lending billions of dollars to traditional financial and commodity trading companies from its record profits.