Tether’s USDT Hits New High—330 Million Wallets And Counting
As of the end of the third quarter of 2024, Tether’s USDT stablecoin set a new record, with the number of on-chain wallets reaching 330 million. This shows Tether is the market leader in stablecoins and its acceptance has also increased significantly, especially among small holders. The growth of stablecoins is driven by their increasing popularity for various financial transactions, including savings, remittances, and trading.
USDT sees unprecedented growth among small holders
according to Tether latest dataIn just one year, the number of wallets holding USDT increased by 71%. This growth was primarily driven by wallets with balances below $1,000, indicating that everyday consumers prefer the convenience and reliability of stablecoins.
In fact, approximately 18.7 million wallets contain less than $1 in USDT, proving its usefulness as a financial tool for those with few resources. According to Tether, around 30% of small wallets are regularly reactivated, meaning users will continue to use the token as long as funds are available.
The large increase in the number of wallets may be related to a variety of factors, including the aftermath of the FTX crash, which encouraged many users to self-manage their assets rather than rely on centralized systems. The move demonstrates growing trust in USDT as a reliable and safe option in the wake of market volatility.
dominance over competitors
USDT has more than 109 million active on-chain wallets, which has surpassed Bitcoin and is approaching the number of wallets on Ethereum. Tether’s stablecoins account for 97.5% of the overall stablecoin supply, significantly exceeding competitors such as USDC and DAI. According to the report, USDT is stored in wallets four times more than all other wallets Stablecoin After the merger, it solidified its position as the world’s leading stablecoin.
Emerging markets play an important role in this growth story. Almost half of the network traffic of centralized exchanges comes from these countries, and most consumers use USDT for remittances and daily transactions.
This situation illustrates how USDT bridges the gap between individuals and banks when it comes to providing a reliable solution to save money and make payments without having to access the banking system.
Inclusive financial resources
The emergence of USDT is more than just a statistic; it signals a larger trend towards financial inclusion. With 59% of the world’s population earning less than $10 a day, stablecoins such as USDT are becoming increasingly important to many people.
Featured images from DALL-E, charts from TradingView
