By Q4 of 2024, Tether’s USDT reached 109 million wallets, indicating record growth and the expansion of stablecoin adoption.
According to Tether, USDT is currently held in over 109 million on-chain wallets as of the fourth quarter of 2024. This represents a significant milestone in adopting Tether’s stablecoin, which is now one of the most widely held digital assets globally. USDT continues to play a critical role in the crypto ecosystem, as evidenced by the substantial increase in individual and institutional adoption reflected in this figure. The expansion of Tether is consistent with the growing demand for stablecoins, which are motivated by their ability to serve as a dependable store of value.
In 2024, Tether USDT will experience unprecedented growth, with 109 million wallets and a 71% increase
The number of on-chain wallets holding USDT reached 109 million by the beginning of Q4 2024, as Tether reported in a recent report. This represents a significant increase from previous years. This is nearly as numerous as the number of wallets that hold Ethereum and is more than double that of wallets that hold Bitcoin. The result is that USDT has become one of the most widely used digital assets.
The growth and adoption of USDT have been particularly noteworthy, with a 71% increase in wallets holding more than one cent in just one year.
The adoption of the USDT has experienced a significant increase due to its increasing use in cross-border payments, savings, and trading. Tether’s widespread usage is significantly influenced by its presence on numerous blockchain platforms.
Furthermore, USDT’s status as the foremost stablecoin was further solidified because over 54 million wallets contained over one cent of the cryptocurrency. The quantity of wallets containing USDT has increased at a rate four times greater than that of all other stablecoins combined.
Moreover, the US Treasury recently emphasized the rapid expansion of stablecoins in its report, recognizing their growing influence in the digital asset market. The report stressed that a substantial portion of the collateral of fiat-backed stablecoins is invested in Treasury bills and treasury-backed repo transactions. Approximately $120 billion in stablecoin collateral is estimated to be linked to US treasuries.
Increasing Adoption in Emerging Markets
Tether’s widespread use in emerging markets, where many users rely on stablecoins for financial inclusion, is one of the key drivers behind its adoption. The report indicates that emerging markets accounted for nearly 46% of all web visits to centralized exchanges during the first three quarters of 2024. This underscores the expanding influence of these regions in the global digital asset ecosystem.
USDT is frequently employed in these regions for remittances and online payments and as a hedge against fluctuations in local currencies. Users have found the stablecoin issuer appealing due to its capacity to offer a cost-effective alternative to conventional financial services.
Another indicator of the stablecoin’s widespread accessibility is the substantial number of USDT wallets with low balances. Users in developing regions frequently possess wallets that contain less than $1 of USDT. These small balances are commonly employed for routine daily transactions.
The number of USDT wallets has surpassed all other stablecoins combined as of November 2024. Additionally, the stablecoin issuer controls 97.5% of the total stablecoin supply across 25 blockchains.
Tether has managed to preserve its leading position despite the popularity of rival stablecoins like USDC and DAI. Most recently, the stablecoin issuer’s investment division facilitated its first $45 million crude oil transaction in the Middle East, indicating a substantial expansion into global trade finance. The transaction, which involved 670,000 barrels of crude oil, utilized USDT to improve the efficiency of trade flows and streamline payments.
