Tether’s recent report reveals that there are now 109 million on-chain wallets holding USDT, making it one of the most popular digital assets. This growth positions USDT in close competition with Ethereum, vastly exceeding Bitcoin’s wallet numbers. The report notes that USDT is heavily integrated into centralized platforms, with 86 million accounts receiving on-chain deposits and a significant portion of users coming from emerging markets. Notably, nearly half of the on-chain wallets have small balances, indicating USDT’s accessibility for everyday users. It continues to dominate the stablecoin Market, holding 97.5% of the total supply across 25 blockchains. This trend reflects users’ shifting preferences toward self-custody solutions, especially after significant Market disruptions.
In the evolving landscape of cryptocurrency, Tether’s stablecoin, USDT, is making significant strides in user adoption and Market presence. According to a recent report, there are now over 109 million on-chain wallets holding USDT, positioning it as one of the most utilized digital currencies globally, rivaling Ethereum and far surpassing Bitcoin.
The report highlights that USDT’s integration within centralized platforms is substantial. Over 86 million accounts have received on-chain deposits, with centralized exchanges experiencing 4.5 billion visits in the first three quarters of 2024. Notably, nearly half of these visits originated from emerging markets, where users frequently rely on USDT for transactions and savings.
Retail users are driving this adoption. The data shows that 18.7 million accounts hold less than $1, while another 31.5 million manage balances between $1 and $1,000. This underscores USDT’s accessibility to users with modest financial means. Interestingly, about 30% of smaller wallets are reactivated regularly, indicating that these users trust USDT as a financial tool, returning to it when they have funds available.
Tether’s head of economics, Philip Gradwell, noted that the prevalence of low-balance wallets is a feature, emphasizing USDT’s potential to serve individuals who may not have access to traditional banking.
With stronger statistics than its competitors, Tether holds 97.5% of the total stablecoin supply across 25 blockchains. The recent growth of USDT wallets reflects a shift in user preference towards self-custody solutions, especially following Market challenges faced by rival stablecoins.
In summary, USDT’s impressive on-chain wallet growth highlights its role as a trusted asset in the crypto Market, appealing particularly to retail users and gaining traction across various demographics.
Tags: USDT, Tether, cryptocurrency adoption, stablecoin, retail users, financial accessibility.
What is Tether USDT?
Tether USDT is a type of cryptocurrency known as a stablecoin. It is designed to stay stable by being tied to a real-world currency, like the US dollar. This makes it easier for people to use and trade, as its value does not fluctuate like Bitcoin or Ethereum.
Why did Tether USDT wallets increase to 109 million?
The number of Tether USDT wallets has surged to 109 million due to its growing use in trading and transactions. People see it as a safe way to hold value, especially in a volatile Market. This increase shows that more users are interested in holding USDT as a stable option.
How does Tether USDT compete with Bitcoin and Ethereum?
Tether USDT competes with Bitcoin and Ethereum by offering stability. While Bitcoin and Ethereum can have big price swings, USDT remains close to one dollar. This makes it attractive for traders who want to avoid risk while still participating in the crypto Market.
Can Tether USDT wallets make transactions easier?
Yes, Tether USDT wallets can simplify transactions. They allow users to send and receive money quickly without worrying about changing values. This can be particularly useful for trading or making payments where a stable value is important.
Is it safe to use Tether USDT wallets?
While Tether USDT wallets are generally considered safe, it’s always good to be cautious. Users should choose well-known platforms and enable security features like two-factor authentication. Like any financial tool, being careful is essential to protect your assets.
