Tether reports 109 million wallets holding USDT stablecoin

Tether (CRYPTO:USDT) has announced a significant milestone in the adoption of its stablecoin, USDT, with 109 million on-chain wallets holding the asset at the beginning of the fourth quarter of 2024. 

This figure positions USDT as one of the most widely held digital assets, surpassing the number of bitcoin holders by more than double and approaching the 128 million wallets that hold ethereum.

In addition to the on-chain wallets, there are also 86 million accounts on centralised platforms that have USDT deposits. 

The report highlights that centralized exchanges received 4.5 billion web views during the first three quarters of 2024, underscoring their critical role in the cryptocurrency ecosystem. 

Notably, emerging markets accounted for 46% of these visits, indicating a strong interest in USDT among users in these regions who purchase, store, and transfer USDT exclusively on these platforms.

Tether's previous insights report noted that by the end of Q3 2024, USDT had been received by a total of 330 million on-chain wallets and accounts. 

This broader adoption reflects that many users hold USDT on centralised exchanges, which are not included in the current wallet count.

USDT continues to dominate the stablecoin market with four times as many wallets as all other stablecoins combined. 

As of November 1, there were 54 million on-chain wallets holding more than one cent of USDT, compared to just 13.8 million wallets containing all other stablecoins.

“USDT $0.01+ wallet numbers grew 71% in the last 12 months,” Philip Gradwell, Tether's Head of Economics, shared insights on social media.

He contrasted this growth with a mere 3% increase for other stablecoins over the same period.

At the time of reporting, the Tether price was $1.00.