Tether's USDT User Growth Hits New Highs in Q3, Cushioning Expansion Into TradFi Markets

Tether reported that 36.25 million new on-chain USDT (USDT) wallets and users engaged with the largest crypto stablecoin in 2024's third quarter

Stablecoin issuer Tether reported 36.25 million new on-chain USDT (USDT) wallets and users in Q3, setting a new quarterly record for the crypto stablecoin.

The firm noted that off-chain users, such as those on centralized exchanges like Binance or Coinbase, were not included in the analysis. 36.25 Million New On-Chain USDT Wallets Engaged in Q3

According to an Oct. 16 report, there are tens of millions more USDT users on centralized exchanges and other off-chain venues, as per private data shared with Tether by partner firms.

The new on-chain users in Q3 brought the total number of on-chain wallets that have ever received Tether’s stablecoin to over 300 million, nearly matching the population of the United States.

Ethereum L2s, Telegram’s TON drove Tether user growth

As the largest stablecoin in the crypto market, USDT is supported by tier 1 blockchains, including Binance Smart Chain, Ethereum (ETH), and Tron (TRX).

According to Tether, Ethereum-based layer-2 scaling networks were a major driver of USDT user growth in Q3. Optimism (OP), Arbitrum (ARB), and Polygon (POL) brought on the most USDT users over the last 12 months, while Avalanche (AVAX) and Solana (SOL) also contributed.

The firm also highlighted Telegram’s Open Network, which has seen “explosive growth” since USDT went live on the TON blockchain in April.

According to Philip Gradowell, head of economics at Tether, TON has added 3.3 million users in six months, accounting for 1% of all USDT on-chain wallets at the time of writing.

Tether expands into traditional finance, commodities

As its USDT business continues to grow, Tether has also been expanding its horizons through its investment arm.

The firm is reportedly exploring lending billions from its record profits to traditional finance and commodities trading firms.

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