109 Million Wallets Hold USDT
Date: 2024-12-10 Author: Henry Casey Categories: CRYPTO PAYMENTS
Tether reported that as of the end of Q3 2024, over 109 million blockchain-enabled wallets held USDT. This information was published on the company’s blog on December 9. The October report indicated that only 330 million users, represented by wallets and accounts, had received USDT by the end of September 2024.
Despite the impressive number of users using USDT on the blockchain, most transactions occur off-chain. According to Philip Gradwell, Tether’s head of economics, the actual adoption rate of USDT is significantly higher than the blockchain activity data suggests.
By the beginning of Q4 2024, 109 million users held USDT in on-chain wallets. For comparison, this is more than twice the number of wallets holding Bitcoin and almost on par with the 128 million wallets holding Ethereum.
Tether also estimates that about two-thirds of wallets using USDT on centralized platforms are active holders, representing approximately 56 million users. The company’s partner data shows that on many cryptocurrency exchanges such as Binance, Coinbase, and OKX, users in developing countries use the platforms exclusively to buy, store, and transfer USDT.
The report highlights that the total number of on-chain and off-chain USDT holders could exceed 165 million. The constant reactivation of wallets associated with regular payments confirms the growing value of USDT as a store of value.
Interestingly, 18.7 million wallets hold less than $1 in USDT, while 31.5 million wallets hold amounts between $1 and $1,000. Additionally, the data shows that USDT has nearly four times the number of on-chain wallets than other stablecoins. For example, competitors like USDC only have 13.8 million wallets.
At the time of writing, USDT has a market cap of over $137 billion, more than three times that of its closest competitor USDC, which has about $40 billion.
