New data from Tether shows that the number of people who adopted the company’s USDT is now equal to the entire population of the United States.
In a new blog post, Tether say the largest dollar-pegged digital asset by market capitalization now has more than 330 million users, not including those who use it exclusively on centralized exchange platforms like Coinbase or Binance.
“USDT has seen significant adoption, with 330 million on-chain wallets and accounts, a proxy for users, ever receiving USDT by the end of the third quarter of 2024 – that’s equivalent to the population of the US.
And this doesn’t include the people who use USDT only on centralized platforms, of which our partners believe there are several tens of millions more.”
According to Tether, USDT’s adoption rate is accelerating as the past four quarters have seen an average increase rate of 9%.
“The remarkable user growth continues to accelerate, with each quarter adding more users than the last. In fact, the last four quarters have seen an average increase of 9%. The third quarter of 2024 was our best yet, with 36.25 million users.”
Tether defines a “user” as someone who performs on-chain activities or an entity on a centralized exchange. But because it can’t count the number of off-chain users, Tether says the number of USDT users is likely significantly higher than what they found.
“To get a complete picture, we need to add off-chain accounts, which are only known to centralized platforms. Our partners indicate that there are several tens of millions of these accounts, meaning the actual number of USDT users is even higher than what we present here.”
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