USDT users reach 330 million

Tether’s USDT user growth experienced its peak quarter in Q3 and has risen by 9% on average over the previous twelve months, boosting the company’s potential foray into more conventional finance markets.

36.25 million new on-chain Tether wallets and users interacted with the largest cryptocurrency stablecoin in the third quarter of 2024, setting a new quarterly milestone for the industry leader in digital payments. The USDT operator disclosed that the investigation did not include off-chain users, mainly found on centralized platforms such as Coinbase or Binance.

330 million on-chain wallets interacted with USDT in the third quarter, indicating high cryptocurrency adoption. That number is equal to the population of the United States! Furthermore, our partners estimate that several tens of millions more USDT users exclusively use centralized systems.

The digital payment service provider turned its attention to other ventures through its investment arm as its USDT business reached new heights. According to reports, the business plans to finance billions of dollars from its record profits to conventional lenders and commodities trading companies.

The increasing demand for US dollar-backed assets globally, especially in nations with limited access to stable currencies, is one factor propelling the shift in the use of stablecoins.

According to official estimates by the US Federal Reserve, as of late 2022, more than $1 trillion in US dollar banknotes—roughly half of all US dollar banknotes were kept outside of the US.

A larger trend is seen in the increased usage of US dollar-backed stablecoins by international markets as a cheaper means of transacting and as a store of value.