The report underscores USDT’s pivotal role in cryptocurrency adoption, bridging the gap between traditional fiat and digital assets.
109 Million Wallets Hold Tether
Tether’s second insights report revealed a significant milestone in the adoption of its stablecoin USDT with 109 million onchain wallets holding USDT at the start of Q4 2024.
This makes USDT one of the most extensively held digital assets with more than twice the number of bitcoin holders and close to the 128 million wallets holding ethereum.
Additionally, 86 million accounts on centralized systems have USDT deposits made onchain. In the first three quarters of 2024, centralized exchanges received 4.5 billion web views, demonstrating their importance in the crypto ecosystem. Crucially, emerging markets accounted for 46% of these website visits with a large number of users of emerging market exchanges purchasing, keeping, and sending USDT only on the platform.
Previously, the first insights report by Tether disclosed that at the end of Q3 2024, USDT had been received by 330 million onchain wallets and accounts. Furthermore, it shared that the adoption of USDT is considerably broader, as this number excluded the millions of users who hold USDT on centralized exchanges (CEXs).
With four times as many wallets as all other stablecoins put together, USDT is still the market leader. As of Nov. 1, there were 54 million onchain wallets that had more than one cent of USDT, a 4:1 ratio to the 13.8 million wallets that contained all other stablecoins. This thorough study covered 97.5% of the stablecoin supply, encompassing 25 stablecoins on ten blockchains.
Philip Gradwell, Head of Economics at Tether shared some insights in an X post, stating:
USDT $0.01+ wallet numbers grew 71% in the last 12 months and 129% in the previous 12 months. Wallets of stablecoins other than USDC grew just 3% in the last 12 months. USDC grew primarily on Solana and Base, although USDT is 30% of stablecoin wallets on Solana.
Tether reiterated its mission to continually “provide technology that empowers people around the world to live in a self-sustainable and independent way.”
