Tether, the issuer of the leading stablecoin USDT, has announced that over 109 million on-chain wallets held USDT at the start of the fourth quarter of 2024. This figure surpasses the number of Bitcoin wallets by more than twofold and nears the 128 million wallets holding Ethereum, solidifying USDT’s position as one of the most widely held digital assets.
Beyond on-chain wallets, Tether reports an additional 86 million accounts on centralized platforms have received on-chain USDT deposits. These platforms play a crucial role in the cryptocurrency ecosystem, attracting 4.5 billion web visits in the first three quarters of 2024, with 46% originating from emerging markets. Tether notes that many users in these markets utilize USDT exclusively within these platforms for buying, holding, and transferring funds. While the exact balances of these accounts remain confidential, Tether suggests a significant portion likely continues to hold USDT.
Combining on-chain wallets and centralized platform accounts, Tether estimates that at least one-third, and potentially half, of the 330 million unique on-chain addresses that have ever interacted with USDT currently hold the stablecoin. This underscores the sustained trust and utility of USDT as a store of value.
The report also highlights the dynamic nature of USDT usage. Even users who have spent their USDT often reactivate their wallets upon receiving more, demonstrating a pattern of recurring payments. Data shows that 29% of wallets with less than one cent of USDT have been reactivated in the past. While over half of USDT-holding wallets currently contain less than one cent, a common characteristic of digital asset wallets, many are expected to become active again. Furthermore, 18.7 million wallets hold between one cent and one dollar of USDT.
Tether’s dominance in the stablecoin market remains undisputed. As of November 1st, 54 million on-chain wallets held more than one cent of USDT, compared to just 13.8 million wallets for all other stablecoins combined, representing a 4:1 ratio.
