Tether’s USDT user growth achieved its highest performance in Q3, showing an average increase of 9% over the past year, thereby supporting the company’s potential for expansion into more conventional finance sectors.
Tether announced that 36.25 million new on-chain USDT (USDT) wallets and users engaged with the leading crypto stablecoin during the third quarter of 2024, setting a new quarterly record for the digital payment giant. The USDT provider noted that off-chain users, primarily those on centralized platforms like Binance or Coinbase, were not included in the assessment.
A report from October 16 indicated that there are tens of millions of USDT users on centralized exchanges and other off-chain platforms, referencing private data provided to Tether by its partner companies.
The recent quarter’s surge has established a new all-time high for USDT’s wallet count pertaining to on-chain accounts. Over 300 million addresses have received Tether’s stablecoin, nearly matching the entire population of the United States.
Ethereum L2s and Telegram’s TON fuel Tether surge
As the leading stablecoin in the industry, numerous tier 1 blockchains such as Binance Smart Chain, Ethereum (ETH), and Tron (TRX) facilitate USDT. Tether highlighted that Ethereum-based layer-2 scaling solutions contributed significantly to USDT’s user growth in Q3.
Optimism (OP), Arbitrum (ARB), and Polygon (POL) were the top platforms for onboarding new USDT users over the past year, with Avalanche (AVAX) and Solana (SOL) additionally contributing to the rise in Tether accounts.
The company reported that The Open Network on Telegram has also experienced “explosive growth” since USDT launched on TON in April, with TON adding 3.3 million users over six months, according to Philip Gradwell, Head of Economics at Tether. As of this writing, TON accounted for 1% of all USDT on-chain accounts.
With its USDT business reaching unprecedented levels, the digital payment provider is now looking towards new ventures through its investment division. Reports suggest that the company is considering lending billions from its record profits to traditional finance and commodities trading entities.
