In the third quarter of 2024, Tether achieved a significant milestone with its USDT stablecoin reaching 330 million users.
Continued User Growth
Tether emphasized that the rate of user growth accelerates with each passing quarter. Over the past four quarters, the average growth rate of users stood at 9%, primarily due to on-chain wallets and accounts. On-chain users consist of individuals transferring USDT to their personal wallets or depositing it into accounts on centralized platforms.
Sources of New Users
The ability to use USDT across multiple blockchain networks played a crucial role in this growth. Currently, Tron, BNB Chain, and Ethereum are the most preferred networks for USDT. However, the fastest growth occurred on Ethereum's Layer 2 solutions, such as Optimism, Arbitrum, and Polygon. Significant user increases were also observed on networks like Avalanche and Solana.
New Blockchains in Tether's Ecosystem
Additionally, Tether recently launched on TON and Celo blockchains, with TON notably gaining 3.3 million new users in just six months. The rapid rise in the usage of Tether's USDT is facilitated by its accessibility on both centralized and decentralized platforms. Users view USDT as a global store of value and payment method, significantly contributing to this growth.
Tether's USDT stablecoin continues to show significant growth in user numbers, driven by its availability across numerous blockchains and platforms.
