Tether’s USDT user growth experienced its best quarter in Q3, increasing by 9% on average over the last 12 months. This growth potentially supports the firm’s expansion into more traditional finance markets.

Tether Reports Record Growth

Tether reported that 36.25 million new on-chain USDT wallets and users engaged with the largest crypto stablecoin in the third quarter of 2024, marking a new quarterly high. The analysis excluded off-chain users, primarily on centralized platforms like Binance or Coinbase.

An October 16 report highlighted that tens of millions of USDT users exist on centralized exchanges and other off-chain venues, based on private data shared with Tether by partner firms.

Last quarter’s influx set a new record for USDT’s all-time wallet count for on-chain accounts. More than 300 million addresses have received Tether’s stablecoin, almost equaling the entire population of the United States.

Ethereum L2s and Telegram’s TON Boost Tether Growth

As the largest stablecoin on the market, several tier 1 blockchains like Binance Smart Chain, Ethereum, and Tron support USDT. Tether noted that Ethereum-based layer-2 scaling networks contributed the most to USDT user growth in Q3.

Optimism, Arbitrum, and Polygon onboarded the most USDT users in the last year. Avalanche and Solana also significantly increased Tether accounts.

“The Open Network on Telegram showed significant growth since USDT went live on TON in April,” said Philip Gradwell, Head of Economics at Tether.

TON has added 3.3 million users in six months, accounting for 1% of all USDT on-chain accounts as of writing.

Expanding Horizons in Traditional Finance

With its USDT business reaching new highs, Tether is expanding its focus to other endeavors through its investment arm. The company is exploring lending billions from its record profits to traditional finance and commodities trading firms.

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