Tether’s USDT Stablecoin Reaches 109 Million On-Chain Wallets
Tether's USDT stablecoin has surpassed 109 million on-chain wallets as of Q4 2024, according to Tether’s latest report. This figure exceeds Bitcoin's wallet adoption, which has more than half the number of wallets holding USDT. Ethereum is held in 128 million wallets.
By the end of Q3 2024, a total of 330 million on-chain wallets and accounts had received USDT. This number excludes users who transact solely on centralized platforms, indicating a broader reach for the stablecoin.
USDT Adoption Surges Across Emerging Markets
Around 86 million accounts on centralized platforms received on-chain USDT deposits. Centralized exchanges attracted 4.5 billion web visits in the first three quarters of 2024, with emerging markets comprising 46% of this traffic, highlighting increased adoption in areas with limited access to traditional finance.
Approximately 165 million wallets either hold USDT or are likely to reactivate, including 109 million active holders and 56 million previously reactivated wallets. This data reflects trust in USDT as a store of value and payment method.
Wallets with less than one cent of USDT have a high likelihood of reactivation; 29% have done so before, mainly for repeat payments. This trend aligns with emerging market patterns, where small balances can significantly impact finances.
About 18.7 million wallets hold between one cent and one dollar of USDT, relevant in emerging markets where many live on less than $10 daily, according to the World Bank. This illustrates how stablecoins enhance financial inclusion.
Additionally, 31.5 million wallets hold between $1 and $1,000 of USDT, indicating users may be saving in USDT due to prolonged holding and reduced transaction frequency. This behavior suggests a dual role for stablecoins in payments and savings.
USDT Maintains Its Lead Over Competing Stablecoins
Tether's dominance in the stablecoin market remains firm, with 54 million on-chain wallets holding more than one cent of USDT as of November 1. In contrast, all other stablecoins combined hold just 13.8 million wallets, representing a 4:1 ratio favoring Tether.
The number of USDT wallets has increased by 71% over the past year, following a 129% rise the previous year, driven by users seeking self-custody after the FTX collapse. This trend has accelerated the adoption of decentralized wallet solutions.
USDT's growth outpaces its competitors; while 24 other stablecoins saw only a 3% increase in holders, USDT experienced substantial gains. Even as USDC expanded its presence on Solana and Base, USDT maintained over 30% of holders on Solana.