Tether has announced a remarkable growth in user numbers for its USDT stablecoin, reaching 330 million users in the third quarter of 2024. This significant figure mirrors the population of the United States, with millions more utilizing USDT via centralized platforms. The company reported an unprecedented addition of 36.25 million new users in the last quarter alone, marking a record high for the stablecoin’s user base.
What Drives User Growth?
The acceleration in user growth has been consistent, with an average increase of 9% over the past four quarters. This upward trajectory is mainly due to the rise of on-chain wallets and accounts, which involve users actively transferring USDT to personal wallets or depositing it on centralized exchanges.
Where Are New Users Coming From?
The widespread usability of USDT across various blockchain networks has been a key factor in attracting new users. Tron, BNB Chain, and Ethereum are currently the most favored networks, with Ethereum’s Layer 2 solutions showing the fastest growth. Additionally, Tether’s recent expansion to TON and Celo blockchains has resulted in significant user increases, including 3.3 million new users on TON within six months.
Notable points from Tether’s report include:
- 330 million USDT users, equivalent to the U.S. population.
- 36.25 million new users added last quarter.
- 9% average user growth rate over four quarters.
- Significant growth on Ethereum Layer 2 and TON blockchain.
The accessibility of USDT on both decentralized and centralized platforms plays a vital role in its increasing popularity. Users regard USDT not just as a stable asset but also as an effective means of payment, further fueling its adoption.