THE Tetherthe company responsible for issuing USDT announced last Wednesday (16) that it already has 330 million active wallets with its stablecoin.
For comparison, the study indicated that the number of USDT users exceeded the population of USA. In other words, dollar-denominated stablecoins are widely used around the world.
According to the public note about the usability of USDT, this is the new thing Tether Insights who will present stablecoin news more often.
“At Tether, our mission is to empower our users. As highlighted in our new documentary, USDT is not just a cryptocurrency; it is a lifeline for individuals all over the world. These local stories illustrate the power of USDT in people’s everyday lives, but we also want to show the sheer scale of USDT adoption“, says the company.
Tether reveals it has 330 million active wallets
By the end of the third quarter of 2024, USDT users had already created 330 million active wallets to receive the stablecoin. According to Tether’s explanation, the value corresponds to people using the dollar-backed currency through both centralized and decentralized platforms.
Additionally, there has been continued growth in technology adoption, with each quarter surpassing the previous period. The study indicates that, Looking at the last four quarters alone, there was an average increase of 9% per period.
“The third quarter of 2024 was our best ever, with 36.25 million users.”
To improve data collection, the Tether focused its initial research on analyzing only users who have blockchain wallets. That is, those who hold USDT on centralized cryptocurrency exchanges are not part of the current report.
“Satoshi Nakamoto left us two gifts: the blockchain and the lesson of questioning our assumptions,” says Tether
The research methodology focused on understanding where USDT values flow within the blockchains that support the stablecoin.
So data from blockchain from Chainalysis analyzed the blockchains Ethereum, Tron, Binance Smart Chain, Polygon, Optimism, Arbitrum, Avalanche and Bitcoin. The Artemis tool monitored activities for the Solana, Base, Celo and TON blockchains.
After completing the study, Tether expressed gratitude Satoshi Nakamotothe anonymous creator of Bitcoin, for the gifts he left for the world.
“One of Satoshi’s greatest gifts is that he teaches us to question our assumptions – and another is blockchain, which provides a transparent ledger that we can use to find answers to these questions.“said Philip Gradwell, head of economics at Tether.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.