Tether has witnessed significant growth in USDT users, positioning the company for potential expansion into traditional finance markets.
USDT User Growth
Tether reported that 36.25 million new on-chain USDT wallets and users engaged with the stablecoin in Q3 2024, marking a new quarterly high. This count excludes off-chain users, mainly recorded on centralized platforms like Binance or Coinbase. As of the October 16 report, tens of millions of USDT users exist on centralized exchanges and off-chain venues.
Impact of Layer-2 Blockchains
Layer-2 scaling networks based on Ethereum, such as Optimism, Arbitrum, and Polygon, have significantly contributed to USDT user growth in Q3. Additionally, blockchains like Avalanche and Solana have supported the swelling of Tether accounts. Moreover, The Open Network on Telegram experienced explosive growth after the USDT launch in April.
Tether's Future and Traditional Markets
With the increasing number of USDT users, Tether is exploring opportunities to expand into traditional finance and commodities trading sectors, leveraging its significant profits for potential lending ventures.
The growth in USDT user base underscores the popularity of Tether's stablecoin, paving the way for engagement in traditional financial domains.
