⚡ USDT Adoption Continues to Surge
posted 16 Oct 2024
Tether, the issuer behind the USDT stablecoin, has published a new report showcasing user statistics. The release comes shortly after the company debuted its documentary, “Stability and Freedom in Chaos: The Story of USD₮.”
According to the report, USDT has become a crucial financial tool for people around the globe. Tether supports this claim with insights showing a consistent 9% quarterly user growth rate.
In Q3 alone, the number of USDT users on blockchain networks reached 330 million, roughly equal to the population of the U.S. On-chain wallet numbers surged by over 36 million within the quarter. CEO Paolo Ardoino pointed out on X that this data does not include the millions using centralized exchanges.
Tether also highlights that USDT is most frequently used on networks like Tron, Binance Smart Chain, and Ethereum. However, they attribute much of their recent growth to the expansion on L2 blockchains such as Optimism, Arbitrum, Polygon, Celo, and the TON network, with L1 chains like Solana and Avalanche also playing a role.
The report mentions that TON reached 1% of the global USDT user base within a mere six months, boosting the stablecoin’s on-chain user numbers by 3.3 million.
The competition between Tether and Circle is becoming increasingly fierce, especially with the upcoming enforcement of MiCA regulations in Europe. On our platform, we delve into how Tether is adjusting its strategy to meet MiCA standards after Circle declared that its USDC and EURC have already complied with the requirements.
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