Tether reached a significant milestone in the third quarter of 2024, with the number of users for its stablecoin USDT rising to 330 million. According to the company’s latest report, this figure is equivalent to the population of the United States. Additionally, there are millions of more users utilizing USDT on centralized platforms. The last quarter saw a record increase of 36.25 million new users, marking the highest growth to date.
User Growth Continues Unabated
Tether emphasized that the rate of user growth accelerates with each passing quarter. Over the past four quarters, the average growth rate of users stood at 9%. This expansion is primarily attributed to on-chain wallets and accounts. On-chain users consist of individuals transferring USDT to their personal wallets or depositing it into accounts on centralized platforms.
Moreover, off-chain users also hold a significant share; however, their numbers are only known by centralized platforms, leading to their exclusion from Tether’s calculations.
Sources of New Users
The ability to use USDT across multiple blockchain networks played a crucial role in this growth. Currently, Tron, BNB Chain, and Ethereum 
$3,124 are the most preferred networks for USDT. However, the fastest growth occurred on Ethereum’s Layer 2 solutions, such as Optimism, Arbitrum, and Polygon. Significant user increases were also observed on networks like Avalanche and Solana 
$246.
Additionally, Tether recently launched on the TON and Celo blockchains, with TON notably gaining 3.3 million new users in just six months. The rapid rise in usage of Tether’s USDT is facilitated by its accessibility on both centralized and decentralized platforms, with users viewing USDT as a global store of value and payment method, significantly contributing to this growth.
