Tether’s USDT reaches 330M wallets from explosive Ethereum L2 and TON network growth

Tether, the company behind the USDT stablecoin, has announced that approximately 330 million on-chain wallets and accounts had received the digital asset as of the end of Q3 2024. These accounts and wallets are a critical measure of user engagement.

In the first-ever Tether Insight report, Philip Gladwell, Tether’s Head of Economics, pointed out that USDT’s user base has seen sustained and accelerating growth.

Over the last four quarters, the number of users has grown by an average of 9% per quarter, with the third quarter of this year marking the company’s most successful yet—bringing in 36.25 million new users.

Gladwell emphasized that this figure excludes those who only use USDT on centralized exchanges, which represent millions more users. He highlighted the significance of these numbers, comparing the total user base to the population size of the United States. According to him, USDT’s widespread adoption illustrates its role as a significant player in everyday financial activities.

Tether CEO Paolo Ardoino commented on the significance of this milestone, stating:

“USDt has become the digital dollar for emerging markets and developing countries. Numbers don’t lie.”

Tether’s USDT is the largest stablecoin, with a market capitalization of nearly $120 billion, controlling around 69% of the stablecoin market.

L2 Chains and TON drive Tether’s growth

USDT is widely available across several blockchain platforms, with the highest usage recorded on Tron, Binance Smart Chain, and Ethereum.

However, the past year has seen the fastest percentage growth on Ethereum Layer 2 networks such as Optimism, Arbitrum, and Polygon. Other chains like Avalanche and Solana have also contributed to USDT’s expanding footprint.

Additionally, USDT has recently launched on the TON and Celo networks. TON has experienced rapid user growth, adding 3.3 million new users within just six months, accounting for about 1% of all USDT on-chain users.

Crypto analyst J.A. Maartun, citing data from CryptoQuant, noted a significant increase in USDT adoption on the TON blockchain, with more than 4.5 million transactions in the last 30 days alone. He also highlighted that USDT transactions on TON amounted to around $300 million last month.

As of the latest data, Tether reports that the net USDT supply on TON currently stands at approximately $738 million.

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