Tether’s USDT reaches 330M wallets from explosive Ethereum L2 and TON network growth News ▸ Tether ▸ Stablecoins
Tether’s USDT reaches 330M wallets from explosive Ethereum L2 and TON network growth
Tether said its USDT saw a record user number with 36.25 million new quarterly additions during the third quarter of this year.
2 min read
Updated: Oct. 16, 2024 at 3:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tether, the company behind the USDT stablecoin, has announced that approximately 330 million on-chain wallets and accounts had received the digital asset as of the end of Q3 2024. These accounts and wallets are a critical measure of user engagement.
In the first-ever Tether Insight report, Philip Gladwell, Tether’s Head of Economics, pointed out that USDT’s user base has seen sustained and accelerating growth.
Over the last four quarters, the number of users has grown by an average of 9% per quarter, with the third quarter of this year marking the company’s most successful yet—bringing in 36.25 million new users.
Gladwell emphasized that this figure excludes those who only use USDT on centralized exchanges, which represent millions more users. He highlighted the significance of these numbers, comparing the total user base to the population size of the United States. According to him, USDT’s widespread adoption illustrates its role as a significant player in everyday financial activities.
Tether CEO Paolo Ardoino commented on the significance of this milestone, stating:
“USDt has become the digital dollar for emerging markets and developing countries. Numbers don’t lie.”
Tether’s USDT is the largest stablecoin, with a market capitalization of nearly $120 billion, controlling around 69% of the stablecoin market.
L2 Chains and TON drive Tether’s growth
USDT is widely available across several blockchain platforms, with the highest usage recorded on Tron, Binance Smart Chain, and Ethereum.
However, the past year has seen the fastest percentage growth on Ethereum Layer 2 networks such as Optimism, Arbitrum, and Polygon. Other chains like Avalanche and Solana have also contributed to USDT’s expanding footprint.
Additionally, USDT has recently launched on the TON and Celo networks. TON has experienced rapid user growth, adding 3.3 million new users within just six months, accounting for about 1% of all USDT on-chain users.
Crypto analyst J.A. Maartun, citing data from CryptoQuant, noted a significant increase in USDT adoption on the TON blockchain, with more than 4.5 million transactions in the last 30 days alone. He also highlighted that USDT transactions on TON amounted to around $300 million last month.
As of the latest data, Tether reports that the net USDT supply on TON currently stands at approximately $738 million.
Mentioned in this article
Tether 
Ethereum 
Avalanche 
Solana 
Optimism 
Arbitrum 
Telegram Open Network 
Tether Limited 
Paolo Ardoino Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ethereum
$3,101.93
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Avalanche
$33.1606
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Solana
$219.842
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Optimism
$1.59297
Optimism is a layer-2 scaling network for the Ethereum blockchain.
Arbitrum
$0.60945
Arbitrum is a type of technology known as an optimistic rollup.
Telegram Open Network
Launched in 2018, this cryptocurrency is based on multi-blockchain Proof-of-Stake system – TON (Telegram Open Network, after 2021 The Open Network) – designed to host a new generation of cryptocurrencies and decentralized applications.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Paolo Ardoino joined Bitfinex at the beginning of 2015 and now serves as Chief Technology Officer.