Users regard Tether as an alternative to fiat, rendering it the most prevalent stablecoin in the crypto ecosystem.
A blockchain-based company, Tether Holdings Ltc, has introduced the USDT stablecoin, which has garnered substantial global utilization on both centralized and decentralized exchanges. In a recent development, USDT achieved a new milestone by documenting 330 million users by the third quarter of 2024.
The firm’s announcement indicates that this figure is analogous to the United States’ population, which strengthens the case for USDT’s widespread adoption. In the interim, the 330 million users are on-chain account holders, which excludes users who utilize USDT on millions of centralized platforms. According to CoinMarketCap data, this figure is in addition to the circulating supply, which is 119 billion.
This implies that the actual number of USDT consumers is even greater than the approximate 330 million. Each quarter, USDT’s user base expanded as new users exceeded the preceding one.
The average increase over the past four quarters has been 9%. The user count was at its maximum in Q3 2024, with 36.25 million users recorded. TON, Tron, Binance Smart Chain, Polygon, and Ethereum are among the blockchains on which USDT is available, which has contributed to its accelerated growth.
The most preferable networks for USDT transactions are Binance Smart Chain, Ethereum (ETH), and Tron (TRX). Nevertheless, the Ethereum Layer 2 platforms such as Optimism, Arbitrum, Avalanche, Solana, and Polygon have experienced the most rapid percentage growth in the past year.
Additionally, USDT has experienced rapid expansion since the recent integration into the TON blockchain, with 3.3 million users joining in the past six months. This is equivalent to approximately 1% of the total number of USDT on-chain users, underscoring the stablecoin’s growing popularity on the TONNE blockchain.
In a recent Coinspeaker report, Paolo Ardoino, the CEO of Tether, asserts that USDT has undergone a significant transformation from a cryptocurrency to a globally essential digital currency. Typically, USDT provides investors with an alternative to investing in the crypto markets. The stablecoin has become a market favorite among merchants for holding and transacting due to its stability.
However, Ardoino clarifies that the purpose of USDT extends far beyond cryptocurrency transactions. He emphasized the increasing implementation of USDT in countries with economic instability, such as Turkey and Argentina. In the past, residents of these regions utilized illicit markets to acquire US dollars as a means of storing value. Ardoino discloses that USDT now offers them a legal and readily accessible alternative.
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