In a remarkable announcement, Tether has reported a significant rise in the number of users for its USDT stablecoin, boasting an impressive tally of 330 million users by the end of the third quarter of 2024. This milestone is particularly notable as it mirrors the entire population of the United States, and it is worth mentioning that millions more individuals are leveraging USDT through various centralized platforms. Interestingly, the company has revealed that it welcomed an astonishing 36.25 million new users in just the last quarter, setting a new record in the stablecoin sector.

What Drives User Growth?

The surge in user numbers has maintained a steady path, with an average increase of approximately 9% over the past four quarters. This growth momentum can be primarily attributed to the increasing number of on-chain wallets and accounts. Users are actively engaging with their USDT, whether by transferring it into personal wallets or depositing it on various centralized exchanges. This interaction not only shows a behavioral shift but also reflects a growing trust in the stability and utility of USDT.

Where Are New Users Coming From?

One of the pivotal reasons for the influx of new users is the extensive usability of USDT across multiple blockchain networks. Currently, the most popular networks include Tron, BNB Chain, and Ethereum, with Ethereum’s Layer 2 solutions exhibiting the most rapid growth. Furthermore, Tether’s recent foray into the TON and Celo blockchains has spurred significant user acquisition, evidenced by the addition of 3.3 million users on TON within a mere six months.

Key highlights from Tether’s report include:

• 330 million users of USDT, a figure representing the U.S. population.
• 36.25 million new users joined in the latest quarter.
• An average growth rate of 9% in user numbers over the past four quarters.
• Noteworthy expansion on Ethereum’s Layer 2 solutions and the TON blockchain.

The growing accessibility of USDT on both decentralized and centralized platforms is a crucial factor in its surging popularity. Users perceive USDT not only as a reliable stable asset but also as an efficient method of transaction, further propelling its widespread adoption within the crypto ecosystem.

In my view, the impressive user growth of Tether’s USDT is a clear indicator of the increasing acceptance of cryptocurrencies in everyday transactions. It’s fascinating to observe how technology is shaping financial activities globally. I encourage readers to share their perspectives on the growth of USDT and the implications it might have for the future of digital currencies.