Tether, a leading digital payment service provider, experienced significant growth in its user base during the third quarter of 2024. The company reported a total of 36.25 million new on-chain USDT wallets and users, marking a new quarterly high for the popular stablecoin.
It is important to note that the analysis conducted by Tether excluded off-chain users, such as those on centralized platforms like Binance or Coinbase. Despite this exclusion, the growth in on-chain users is a clear indication of the increasing popularity and adoption of USDT in the digital payment space.
One of the key drivers of this growth has been the support of several tier 1 blockchains, including Binance Smart Chain, Ethereum, and Tron. In particular, Ethereum-based layer-2 scaling networks like Optimism, Arbitrum, and Polygon have played a significant role in attracting new USDT users. Additionally, platforms like Avalanche and Solana have also contributed to the expansion of Tether’s user base.
Another noteworthy development is the explosive growth of The Open Network on Telegram, which has added 3.3 million users since the integration of USDT in April. This growth has been a significant factor in expanding Tether’s presence in the digital payment ecosystem.
In light of its growing success, Tether has expressed interest in exploring new opportunities through its investment arm. The company is reportedly considering lending billions from its record profits to traditional finance and commodities trading firms, indicating a potential expansion into more traditional financial markets.
Overall, Tether’s impressive growth in user base and on-chain accounts is a testament to the increasing demand for digital payment solutions like USDT. With its strong presence across various blockchains and strategic partnerships, Tether is well-positioned to continue its expansion and solidify its position as a leader in the stablecoin market.
