Tether Reports 330 Million USDT Users

As of the end of Q3 2024, the stablecoin USDT is used on 330 million cryptocurrency wallets and on-chain accounts, according to its issuer, Tether.

Tether Insights Vol 1

How Many USDt Users Are There?
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— Tether (@Tether_to) October 16, 2024

Tether noted that this figure is comparable to the population of the United States, but it does not include users of USDT on centralized exchanges such as Binance and Coinbase, which the company estimates are in the tens of millions.

Despite this already significant user base, Tether reports an acceleration in growth rates. In Q3 2024, the company recorded a record number of new users — 36.25 million, marking the largest quarterly increase in the company’s history.

Role of Layer 2 Solutions and Blockchains

The growth of Tether’s user base is attributed to the popularity of Layer 2 solutions, such as Optimism, Arbitrum, and Polygon, as well as the development of the TON ecosystem. While TRON, BNB Chain, and Ethereum remain the most popular blockchains for USDT, the highest growth over the past year has been observed in Layer 2 networks.

Collaboration with Law Enforcement

Tether has been actively cooperating with law enforcement agencies. According to Paolo Ardoino, CEO of Tether, the company is “the best friend of the US government.” Since 2014, the stablecoin issuer has helped 145 law enforcement agencies recover more than $108.8 million in USDT.