The post USDT Adoption Surges: Over 330 Million On-Chain Wallets by Q3 2024 appeared on BitcoinEthereumNews.com.

Timothy Morano Dec 09, 2024 15:29 USDT’s widespread adoption is evident with 330 million on-chain wallets by Q3 2024, highlighting its role as a key player in the digital asset landscape, especially in emerging markets. USDT, a prominent stablecoin in the cryptocurrency ecosystem, has witnessed significant adoption, with over 330 million on-chain wallets and accounts receiving USDT by the end of Q3 2024, according to Tether. This figure underscores USDT’s pivotal role in the digital currency market, although it does not account for the additional tens of millions using USDT exclusively on centralized platforms. A Growing On-Chain Presence As of the beginning of Q4 2024, 109 million on-chain wallets held USDT, surpassing the number of wallets holding Bitcoin and nearing the 128 million wallets holding Ethereum. This positions USDT as one of the most broadly held digital assets. Furthermore, 86 million accounts on centralized platforms have received on-chain USDT deposits, illustrating the stablecoin’s integration into the broader financial ecosystem. Notably, 46% of web visits to exchanges were from emerging markets, where USDT is often used within platforms for transactions. Continued Trust and Utility Tether estimates that at least a third, and potentially half, of the 330 million on-chain users who have received USDT continue to retain it, highlighting ongoing trust in USDT as a store of value. Many wallets that have depleted their USDT balances are frequently reactivated, signifying repeated use for transactions. In fact, 29% of wallets with less than one cent of USDT have been reactivated previously. Impact on Emerging Markets USDT plays a crucial role in financial accessibility, particularly in emerging markets where traditional banking systems are less prevalent. Approximately 18.7 million wallets hold between one cent and one dollar of USDT, a significant amount for users primarily engaging in transactions rather than savings. This aligns with…

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Filed under: News - @ December 9, 2024 7:20 pm