USDT emerged as a leading digital asset in Q4 2024, with 109 million on-chain wallets holding it, more than double the number for Bitcoin and nearing the 128 million wallets that own Ethereum.

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

USDT’s Dominance

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, nearly half from emerging markets, where users frequently use USDT exclusively within platform ecosystems.

Combining on-chain and centralized platform activity, analysts estimate that at least one-third – and possibly up to half – of the 330 million users who have interacted with USDT still hold it today.

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

Combining 109 million active wallets and 56 million likely 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 appear modest, Tether stated that it can represent a meaningful amount for individuals in emerging markets. Many of these users rely on USDT primarily for payments rather than savings. According to the World Bank, 4.5 billion people, or 59% of the global population, live on less than $10 a day.

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

USDT Wallets Tower Over Other Stablecoins

USDT continues to dominate the stablecoin landscape, maintaining four times as many active wallets as its competitors. On November 1st, 54 million wallets with balances greater than