Tether’s recent report highlights its growing dominance in the cryptocurrency industry, as there are now over 109 million on-chain wallets holding USDT. This number is approaching the 128 million wallets holding Ethereum and is more than double the number of Bitcoin wallets.
Tether also revealed that on-chain USDT deposits have been made into 86 million accounts on centralized systems. These numbers demonstrate the increasing importance of USDT in the global financial system, particularly as it gains popularity in markets worldwide.
Source: Tether
USDT: A Lifeline for Emerging Markets and Dominant in Digital Payments
The widespread acceptance of USDT is largely due to its value in emerging nations, accounting for nearly 46% of the 4.5 billion online visits to centralized exchanges during the first three quarters of 2024. In areas where access to traditional banking services is limited, USDT has become a vital resource.
For individuals and companies looking to engage in global trade and transactions without the volatility associated with other cryptocurrencies, USDT offers accessibility, stability, and reliability as an alternative.
As of November 1, 2024, Tether also found that there are 54 million on-chain wallets holding more than one cent’s worth of USDT. This is a significant portion of the stablecoin market, considering that other stablecoins only account for 13.8 million wallets. The 4:1 adoption ratio compared to rival stablecoins underscores USDT’s dominance and confidence in the digital payments market. The widespread popularity of USDT demonstrates its usefulness in daily transactions, remittances, and as a reliable store of value.
Bridging Traditional Finance and Blockchain for Global Economic Access
The increasing adoption of USDT reflects the confidence that Tether’s technology and infrastructure inspire among retail and institutional users. Particularly in regions where economic uncertainty has driven demand for dollar-denominated digital assets, USDT’s ability to connect traditional finance with blockchain-based solutions has been highly effective. By bypassing traditional financial intermediaries, USDT provides an easily accessible and efficient means of safeguarding funds, transferring value, and participating in the global economy.
In addition to expanding its user base, Tether is also driving innovation. As previously reported, Tether has invested in Quantoz Payments to launch EURQ and USDQ e-money tokens that comply with MiCA regulations. These tokens ensure secure and compliant transactions, thereby enhancing regulated digital payments in Europe. This strategic move advances blockchain technology and demonstrates Tether’s commitment to delivering robust and regulated financial solutions that seamlessly integrate with existing payment systems.
Furthermore, Tether has introduced Hadron, a tool designed to revolutionize asset tokenization across various financial markets. Emphasizing compliance and seamless integration into traditional markets, Hadron facilitates the tokenization of different asset types.
By bridging digital and traditional assets, Tether is unlocking new financial opportunities for governments and companies. The platform aims to transform asset management, trading, and utilization, creating a secure and efficient ecosystem that fosters development and innovation.
