Key Takeaways
- Tether USDT has reached 330 million on-chain wallets and accounts by Q3 2024, with widespread off-chain usage.
- Nearly half of the centralized platform web traffic comes from emerging markets, highlighting USDT’s role in economic development.
- USDT wallets outnumber all other stablecoin wallets combined, with a 4:1 ratio as of November 2024.
Tether’s USDT has solidified its dominance in the stablecoin sector, with 330 million on-chain wallets and accounts having received USDT by the end of Q3 2024.
According to a press release from Tether, that figure doesn’t include the millions of users who use USDT only on centralized platforms. Now at 109 million active on-chain wallets, USDT is edging out Bitcoin’s wallet numbers twofold and closing in on Ethereum’s 128 million.
The adoption has run deep across different economic classes. Even though 86 million accounts have USDT deposits on centralized platforms, a substantial part of this belongs to emerging markets, indicating that USDT does help with financial inclusions. Tether statistics even show that the wallet holding less than a cent of USDT became reactivated, proving repeated spenders with confidence in using this stablecoin.
Stablecoin Market Leader by a Wide Margin
The USDT is leading in the stablecoin market; this coin is held in four times as many wallets as the sum of wallets holding all other stablecoins. By the end of November 2024, 54 million wallets held more than a cent of USDT, compared to 13.8 million holding all others.
At the same time, USDT has continued to grow unchallenged, even with supposedly increased competition from peers including, especially more recently, USDC and DAI in cases concerning the collapse of major actors, such as FTX, which force users onto self-custody.
This adoption has been continuously driven by emerging markets where most users retain relatively modest balances for making payments rather than as a savings. For example, 18.7 million wallets hold a balance between one cent and one dollar-a good indication of how USDT is bridging the financial gap among the traditionally unbanked parts of the population.
Economic Utility Drives Tether USDT’s Growth
The report especially highlights the transformative role that USDT plays in financial ecosystems for the low-income user. With 59% of the world’s population earning less than $10 daily, stablecoins like USDT then become critical means of paying and storing value.
The remaining 31.5 million wallets maintain balances in the range between $1 and $1000, reflecting their rising tendency to hold USDT for savings. But for USDT, the same is continued by trust and the growth trajectory of utility.
The wallet numbers have surged by 71% in the past year, and these smaller balance wallets are powering this growth. With various global markets facing economic hardship, USDT is truly proving that it can be reliable, adaptable, and no doubt the stablecoin of choice for millions around the world.
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