109 Million Wallets Now Hold USDT: A Milestone in Stablecoin Adoption

109 Million Wallets Now Hold USDT: A Milestone in Stablecoin Adoption

Tether's latest insights report reveals a remarkable milestone: 109 million on-chain wallets now hold its USDT stablecoin as of Q4 2024. This positions USDT as one of the most widely held digital assets, significantly outpacing other cryptocurrencies in adoption.

USDT Adoption Surges Past Competitors

USDT has more than twice the number of holders compared to Bitcoin and trails only Ethereum, which has 128 million wallets. Additionally, 86 million accounts on centralized systems hold USDT deposits made on-chain, emphasizing the stablecoin's widespread adoption across both decentralized and centralized platforms.

Emerging markets are playing a pivotal role in this growth. These regions accounted for 46% of the 4.5 billion website visits to centralized exchanges (CEXs) during the first three quarters of 2024. Many users in these markets rely on CEX platforms exclusively for purchasing, holding, and transferring USDT, underscoring its critical role in enabling financial access.

Dominance Among Stablecoins

USDT continues to lead the stablecoin market, with four times as many wallets as all other stablecoins combined. As of November 1, 2024, 54 million wallets held more than $0.01 of USDT, a stark contrast to the 13.8 million wallets holding all other stablecoins.

Tether's report highlights that this analysis covered 97.5% of the stablecoin supply, including 25 stablecoins across 10 blockchains. USDT remains the stablecoin of choice for users worldwide, solidifying its position as a bridge between fiat currencies and digital assets.

Impressive Growth Metrics

Philip Gradwell, Tether’s Head of Economics, shared insights on the rapid growth of USDT:

• Wallets holding at least $0.01 of USDT grew 71% in the last 12 months and 129% over the past two years.
• By comparison, wallets for stablecoins other than USDT grew by just 3% in the last year.
• USDT continues to dominate even on newer platforms like Solana, where it accounts for 30% of stablecoin wallets.

Tether reaffirms its mission to empower people globally through technology, facilitating self-sustainability and financial independence.