Tether’s dominance in the stablecoin market remains unchallenged, with 330 million on-chain wallets holding USDT by Q3 2024, far outpacing all other stablecoins.
Tether’s USDT stablecoin has achieved a significant milestone, with over 109 million on-chain wallets holding it as of Q4 2024. According to Tether’s latest report, USDT $1.00 24h volatility: 0.0% Market cap: $144.03 B Vol. 24h: $70.25 B now outpaces Bitcoin BTC $84 094 24h volatility: 1.7% Market cap: $1.67 T Vol. 24h: $47.64 B in wallet adoption, boasting more than double the number of wallets holding Bitcoin. It is also closing in on Ethereum, which is held in 128 million wallets.
Tether Insights revealed that a total of 330 million on-chain wallets and accounts had received USDT by the end of Q3 2024. This figure excludes tens of millions of users who transact USDT exclusively on centralized platforms, suggesting that the stablecoin’s total reach is even broader.
USDT Adoption Surges Across Emerging Markets
A staggering 86 million accounts on centralized platforms have received on-chain USDT deposits. Centralized exchanges continue to play a critical role, attracting 4.5 billion web visits during the first three quarters of 2024. Emerging markets accounted for 46% of these visits, showcasing growing adoption in regions with limited access to traditional financial services.
The combined data indicates that around 165 million wallets either currently hold USDT or are likely to reactivate. This includes 109 million active holders and 56 million wallets that have previously been reactivated. The findings demonstrate the enduring trust in USDT as a store of value and means of payment.
Wallets holding less than one cent of USDT have a high likelihood of becoming active again. Tether notes that 29% of these wallets have reactivated in the past, often for repeat payments. This pattern is consistent with broader trends in emerging markets, where even small balances can have significant financial impact.
Around 18.7 million wallets hold between one cent and one dollar of USDT. While small, this balance can be significant in emerging markets, where many people live on less than $10 per day, according to the World Bank. This signals how stablecoins support financial inclusion.
Another 31.5 million wallets hold between $1 and $1,000 of USDT. Many of these users appear to be saving in USDT, as they are holding funds longer and reducing the frequency of transactions. This shift in behavior points to stablecoins being used not just for payments, but also as a savings vehicle.
USDT Maintains Its Lead Over Competing Stablecoins
Tether’s dominance in the stablecoin sector remains unchallenged. As of November 1, 54 million on-chain wallets held more than one cent of USDT. By comparison, all other stablecoins combined accounted for just 13.8 million wallets. This 4:1 ratio underscores Tether’s commanding presence in the market.
Growth in USDT wallets has been striking, with a 71% rise in the past year and a 129% surge the year before. This increase was fueled by a shift toward self-custody following the collapse of FTX. Users sought greater control over their assets, accelerating the adoption of decentralized wallet solutions.
USDT’s growth has also outpaced its competitors. While 24 other stablecoins experienced just a 3% increase in holders over the past year, USDT saw substantial gains. Even as USDC $1.00 24h volatility: 0.0% Market cap: $60.55 B Vol. 24h: $15.79 B expanded its presence on Solana and Base, USDT maintained a strong foothold, accounting for over 30% of holders on Solana.
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