CandleFocus Tether's USDT reaches 330M wallets from explosive Ethereum L2 and TON network growth
2024-10-16
Author: Content Editor
Tether, the company behind the USDT stablecoin, has revealed in its first-ever Tether Insight report that over 330 million on-chain wallets and accounts received USDT by the end of Q3 2024. The number of users has grown by an average of 9% per quarter, with 36.25 million new users added in Q3. Tether CEO Paolo Ardoino highlighted the widespread adoption of USDT and its role as a significant player in everyday financial activities. USDT has a market capitalization of nearly $120 billion and controls around 69% of the stablecoin market. It is available on various blockchain platforms, with the highest usage on Tron, Binance Smart Chain, and Ethereum. The fastest growth in the past year has been on Ethereum Layer 2 networks. USDT has also launched on the TON and Celo networks, with TON experiencing rapid user growth. According to CryptoQuant data, USDT adoption on TON has seen a significant increase, with over 4.5 million transactions in the last 30 days alone, totaling around $300 million. The net USDT supply on TON currently stands at approximately $738 million.
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