Tether’s USDT has experienced a significant boost in user growth during the third quarter of 2024, achieving a 9% increase on average over the past year, setting the stage for its potential expansion into traditional finance markets.
In Q3 2024, Tether reported the creation of 36.25 million new on-chain USDT wallets, setting a new record for user engagement with the largest crypto stablecoin. The analysis specifically focused on on-chain users, excluding those active on centralized exchanges.
An October report highlighted that there are tens of millions of USDT users on centralized platforms, based on private data shared with Tether by its partners.
This influx has contributed to a record high for on-chain USDT wallet accounts, with over 300 million addresses having received Tether’s stablecoin, nearly matching the total population of the United States.
Driving Forces Behind Tether’s Growth: Ethereum L2s and Telegram’s TON
As the leading stablecoin, USDT is supported by several major blockchains, including Binance Smart Chain, Ethereum, and Tron. Tether has identified Ethereum-based layer-2 scaling solutions as significant contributors to its user growth in Q3.
In particular, Optimism, Arbitrum, and Polygon have brought in the most new USDT users over the past year, with Avalanche and Solana also playing key roles in expanding Tether’s user base.
Moreover, The Open Network (TON) on Telegram has demonstrated impressive growth since USDT integration in April, adding 3.3 million users within six months, according to Tether’s Head of Economics. TON now represents 1% of all on-chain USDT accounts.
With USDT’s user engagement reaching unprecedented levels, Tether is also looking into expanding its investment activities, exploring opportunities to lend billions from its record profits to traditional finance and commodities trading sectors.
