Tether’sUSDTusergrowthsawitsbestquarterinQ3andhasincreasedby9%onaverageoverthelast12months,cushioningthefirm’spossibleexpansionintomoretraditionalfinancemarkets.
Tetherreportedthat36.25millionnewon-chainUSDT(USDT)walletsandusersengagedwiththelargestcryptostablecoinin2024’sthirdquarter,markinganewquarterlyhighforthedigitalpaymenttitan.TheUSDToperatorclarifiedthatoff-chainusers,primarilyoncentralizedplatformslikeBinanceorCoinbase,wereexcludedfromtheanalysis.
AnOct.16reportrevealedthattensofmillionsofUSDTusersexistoncentralizedexchangesandotheroff-chainvenues,citingprivatedatasharedwithTetherbypartnerfirms.
Lastquarter’sinfluxsetafreshrecordforUSDT’sall-timewalletcountforon-chainaccounts.Morethan300millionaddresseshavereceivedTether’sstablecoin,almostequalingtheentirepopulationoftheUnitedStates.
USDTusergrowthperquarter
EthereumL2sandTelegram’sTONdrivingTetherboom
Asthelargeststablecoinonthemarket,severaltier1blockchainslikeBinanceSmartChain,Ethereum(ETH),andTron(TRX)supportUSDT.TethernotedthatEthereum-basedlayer-2scalingnetworkscontributedthemosttoUSDTusergrowthinQ3.
Optimism(OP),Arbitrum(ARB),andPolygon(POL)onboardedthemostUSDTusersinthelastyear.Avalanche(AVAX)andSolana(SOL)helpedswellTetheraccounts.
ThefirmsaidTheOpenNetworkonTelegramalsoshowed“explosivegrowth”sinceUSDTwentliveonTONinApril.TONhasadded3.3millionusersinsixmonths,accordingtoPhilipGradwell,HeadofEconomicsatTether.TONaccountedfor1%ofallUSDTon-chainaccountsasofwriting.
USDTgrowthonblockchains
WithitsUSDTbusinessreachingnewhighs,thedigitalpaymentserviceproviderexpandeditsgazetootherendeavorsthroughitsinvestmentarm.Thecompanywassaidtobeexploringlendingbillionsfromitsrecordprofitstotraditionalfinanceandcommoditiestradingfirms.
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