It surpasses Bitcoin and approaches Ethereum in wallet count

USDT emerged as a leading digital asset in the fourth quarter of 2024, with 109 million on-chain wallets holding it, more than double that of Bitcoin and close to 128 million wallets holding Ethereum.

Beyond the on-chain activity, 86 million centralized platform accounts have received USDT deposits.

Domain of the USDT

According to the second edition of ‘Tether Insights’, the stablecoin issuer revealed that exchanges recorded 4.5 billion web visits in the first three quarters of 2024, almost half from emerging markets, where users tend to use USDT exclusively within of the platform’s ecosystems.

Combining on-chain and centralized platform activity, analysts estimate that at least a third, and possibly as many as half, of the 330 million users who have interacted with USDT are still holding it today.

USDT wallets often show signs of revival as users receive new funds, especially for recurring payments. Notably, 29% of wallets with less than one hundred USDT have been previously reactivated. While more than half of the wallets holding USDT currently have balances below one cent, a typical trend for digital asset wallets, many are expected to become active again in the future.

Combining 109 million active wallets and 56 million probable reactivations, the total number of USDT wallets reached 165 million, excluding tens of millions of centralized platform accounts.

Approximately 18.7 million wallets hold between one cent and one dollar of USDT. While this balance may seem modest, Tether stated that it can represent a significant amount for individuals in emerging markets. Many of these users rely on USDT primarily for payments and not for savings. According to the World Bank, 4.5 billion people, or 59% of the world’s population, live on less than $10 a day.

“That so many normally unbanked people can now use USDT demonstrates the importance of stablecoins in economic development.”

USDT wallets rise above other stablecoins

USDT continues to dominate the stablecoin landscape, holding four times more active wallets than its competitors. As of November 1, 54 million wallets with balances greater than one cent were linked to USDT, far exceeding the 13.8 million wallets holding other stablecoins. This finding was derived from a review of 25 stablecoins operating on ten blockchains, representing 97.5% of the total stablecoin supply.

Meanwhile, USDT has also seen explosive growth in wallet adoption, increasing 71% in 2023 and 129% in the previous year. This increase has been fueled primarily by smaller wallets with balances below $1,000, reflecting a shift toward self-custody following the dramatic collapse of FTX.

Stablecoin’s popularity persisted even during market disruptions such as the deactivation of USDC and DAI during the collapse of Silicon Valley Bank. While USDT’s user base expands, other stablecoins have seen limited progress, with 24 alternatives growing just 3% in wallet holders over the past year.

USDC has gained traction on platforms like Solana and Base, but USDT still holds more than 30% of Solana’s wallet share.

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