At the end of Q3 2024, the USDT Tether stable has reached a new record with 330 million on-chain wallets. This shows that USDT is the market leader in stable and accompanied by a remarkable increase in adoption, especially among small breeders. Stablecoins are becoming more popular for a variety of financial transactions, including savings, payments, and transactions, which is driving the increase.
Unprecedented growth of USDT among small holders
according to Tether's latest datathe number of wallets with USDT has increased by 71% in just one year. This increase is mainly driven by wallets with a balance of less than $1,000, showing that everyday users prefer the stable for its convenience and reliability.
In fact, about 18.7 million wallets contain less than $1 of USDT, showing its utility as a financial tool for those with low resources. According to Tether data, about 30% of these small wallets are regularly reactivated, meaning that users use the coin when funds are available.
The huge increase in the number of wallets can be linked to several factors, including the aftermath of the FTX crash, which encouraged many users to manage their own assets rather than relying on centralized systems. This trend reflects a growing confidence in USDT as a strong and secure option due to market volatility.
Dominance over competitors
With over 109 million active on-chain wallets, USDT has surpassed Bitcoin and is closing in on Ethereum's wallet count. Tether's stable accounts for 97.5% of the total stable supply, far exceeding competitors such as USDC and DAI. According to the report, USDT is stored in four times more wallets than everything else stables together, confirming its status as the main stable in the world.
Emerging markets play an important role in this growth story. Almost half of the web traffic to centralized exchanges comes from these countries, where most users use USDT for payments and daily transactions.
This situation shows how USDT is narrowing the gap between individuals and banks when it comes to providing a reliable solution to save money and make payments without access to the banking system.
Resource for Financial Inclusion
The emergence of USDT is more than just a statistic; it signals a greater shift towards financial inclusion. With 59% of the world's population earning less than $10 a day, stablecoins like USDT are becoming increasingly important to many.
Featured image from DALL-E, chart from TradingView
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