Tether On-chain Wallets Reach 109 Million By Q4 2024

Key Points:

• By Q4 2024, over 109 million Tether on-chain wallets are currently active, surpassing Bitcoin wallets and approaching the number of Ethereum wallets.
• USDT is increasingly used in emerging markets, with small balances providing significant financial access to unbanked populations.

Tether has disclosed that more than 109 million on-chain wallets were holding USDT by the fourth quarter of 2024, surpassing the number of Bitcoin wallets and almost equalling the 128 million Ethereum wallets.

Read more: Tether Stablecoin EURT Will Be Discontinued by 2025 

Tether On-chain Wallets Surpasses Bitcoin Wallets, Nears Ethereum in Adoption by Q4 2024

The company also said 86 million accounts on centralized platforms have received on-chain USDT deposits.

The data shows that this is proof of the growing adoption of USDT as a stable digital currency. A considerable portion of the Tether on-chain wallets, which at this moment keep less than one cent of USDT, has been activated in the past: 29% of those received funds again. That would go to say that many wallets, with their low balance notwithstanding, may become active again in the future.

About 18.7 million Tether on-chain wallets hold balances between one cent and one dollar of USDT, but in emerging markets, even small balances translate into significant amounts for adopters of new financial technologies. In fact, 59% of the world’s population earns less than $10 a day, a fact that makes the role of USDT critical in granting financial inclusion to previously unbanked populations.

Tether On-chain Wallets Show Growing Use for Savings, Trading and Remittances

Meanwhile, the number of wallets holding between $1-$1,000 of USDT stands at 31.5 million. As suggested earlier, many holders in this range could save rather than spend their money on a daily basis. More than one million Tether on-chain wallets hold upwards of $1,000 in USDT, and two-thirds of them contain between $1,000 and $10,000.

This increase in the number of wallets indicates the wider usage of USDT, showing its growing use in trading, remittances, and as a hedge against the volatility of markets.