Tether added 36.25million USDT users in Q3 2024
Tether’s USDT user growth peaked in Q3 and has climbed by 9% on average over the last 12 months, cushioning the company’s potential expansion into more traditional finance markets.
Tether revealed that 36.25 million new on-chain USDT usdt-0.02% Tether wallets and users interacted with the largest crypto stablecoin in the third quarter of 2024, setting a new quarterly record for the digital payment behemoth. The USDT operator highlighted that off-chain users, particularly those on centralized platforms such as Binance or Coinbase, were omitted from the investigation.
According to a report published on October 16, tens of millions of USDT users are active on centralized exchanges and other off-chain venues, citing private data supplied with tether by partner firms. Last quarter’s influx set a new record for USDT’s lifetime wallet.
Ethereum L2s and Telegram’s TON driving Tether boom
USDT is supported by multiple tier 1 blockchains, including Binance Smart Chain, Ethereum (eth0.93%), and Tron (trx0.58%). Tether reported that Ethereum-based layer-2 scaling networks accounted for the majority of USDT user growth in Q3. Optimism (op0.16%), Arbitrum (arb-3.25%), and Polygon (POL) added the most USDT users in the previous year. Avalanche avax 0.54%. Avalanche and Solana (sol-0.54%) contributed to the growth of Tether accounts.
The firm also stated that The Open Network on Telegram has had “explosive growth” since USDT went live on TONNE in April. According to Philip Gladwell, Head of Economics at Tether, TONNE has added 3.3 million users in the last six months. At the time of writing, TONNE accounted for 1% of all USDT on-chain accounts. With its USDT company reaching new heights, the digital payment service provider turned its attention to other ventures via its investment arm. The company was rumored to be looking into financing billions of dollars from its record profits to traditional financial institutions and commodity trading organizations.
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