Tether’s USDT user growth saw its best quarter in Q3 and has increased by 9% on average over the last 12 months, cushioning the firm’s possible expansion into more traditional finance markets.

Tether reported that 36.25 million new on-chain USDT (USDT) wallets and users engaged with the largest crypto stablecoin in 2024’s third quarter, marking a new quarterly high for the digital payment titan. The USDT operator clarified that off-chain users, primarily on centralized platforms like Binance or Coinbase, were excluded from the analysis.

An Oct. 16 report revealed that tens of millions of USDT users exist on centralized exchanges and other off-chain venues, citing private data shared with Tether by partner firms.

Last quarter’s influx set a fresh record for USDT’s all-time wallet count for on-chain accounts. More than 300 million addresses have received Tether’s stablecoin, almost equaling the entire population of the United States.

Ethereum L2s and Telegram’s TON driving Tether boom

As the largest stablecoin on the market, several tier 1 blockchains like Binance Smart Chain, Ethereum (ETH), and Tron (TRX) support USDT. 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) onboarded the most USDT users in the last year. Avalanche (AVAX) and Solana (SOL) helped swell Tether accounts. 

The firm

Go to Source to See Full Article
Author: Naga Avan-Nomayo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details