CandleFocus

Tether added 36.25m USDT users in Q3 2024

Tether's stablecoin, USDT, experienced significant user growth in Q3, with 36.25 million new on-chain wallets and users. This marked a new quarterly high and helped to set a fresh record for USDT's all-time wallet count. Off-chain users on centralized exchanges were excluded from the analysis. Ethereum-based layer-2 scaling networks, such as Optimism, Arbitrum, and Polygon, contributed the most to USDT user growth. Tether also noted the explosive growth of The Open Network on Telegram since USDT went live on the platform. With its successful business, Tether is expanding its investment arm to potentially lend billions to traditional finance and commodities trading firms.

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