Tether has disclosed that over 109 million on-chain wallets hold its USDT stablecoin as of Q4 2024. This figure highlights USDT’s growing role as a financial tool, with many users treating it like a “bank account.”
While 330 million wallets and accounts had received USDT by September 2024, Tether noted that many users engage with USDT off-chain, suggesting broader adoption than reported. The number of on-chain USDT holders is more than double that of Bitcoin holders and is approaching Ethereum’s 128 million on-chain wallets.
Data shows that 18.7 million wallets hold $0.01 to $1 in USDT, while 31.5 million wallets hold between $1 and $1,000. On-chain USDT wallets outnumber all other stablecoins combined, with 54M compared to 13.8M for its closest competitors.
Tether also estimates that two-thirds of USDT wallets on centralized platforms, like Binance and Coinbase, are holders. Many crypto users buy, hold, and transfer USDT on these exchanges.
With a market cap of over $137 billion, USDT maintains a significant lead over its closest rival, USDC, which has a market cap of around $40 billion. The report also highlighted the reactivation of dormant wallets for recurring payments, suggesting that users increasingly see USDT as a “store of value.”
These metrics underscore USDT’s dominance in the stablecoin market and its pivotal role in both on-chain and off-chain crypto ecosystems.
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