Antony Parsons
Tether, the issuer of the popular stablecoin USDT, has announced that its user base has reached a staggering 330 million USDT users as of the end of Q3 2024. This number represents the total number of cryptocurrency wallets and on-chain accounts that use USDT, and does not include users of the stablecoin on centralized Bitcoin exchanges.
A Growing User Base
According to Tether, the 330 million user milestone is comparable to the population of the United States. The company has seen a significant increase in growth rate, with a record 36.25 million new users added in Q3 2024 alone.
“We are thrilled to see the continued adoption of USDT across the globe,” said Paolo Ardoino, CEO of Tether. “Our stablecoin has become a staple in the cryptocurrency market, and we are committed to continuing to innovate and expand our reach.”
Layer 2 Solutions and Ecosystem Development Drive Growth
Tether attributes the growth in its user base to the development of Layer 2 solutions and the expansion of the TON ecosystem. The company has been actively working to improve the scalability and usability of its stablecoin, and the results are paying off.
“The development of Layer 2 solutions has been a game-changer for us,” said Ardoino. “It has allowed us to increase the speed and efficiency of our transactions, making USDT even more attractive to users.”
Most Popular Blockchains for USDT
Tether also reported that the most popular blockchains for USDT are TRON, BNB Chain, and Ethereum. However, the company noted that the largest growth in user base has been seen on Optimism, Arbitrum, and Polygon.
Tether’s Commitment to Law Enforcement
In addition to its growing user base, Tether has also been working closely with law enforcement agencies to combat illicit activity. The company has helped 145 law enforcement agencies recover over $108.8 million in USDT since 2014.
“We are committed to working with law enforcement to prevent the misuse of our stablecoin,” said Ardoino. “We believe that our technology can be used for good, and we will continue to work to ensure that it is used responsibly.” Tether’s CEO Paolo Ardoino previously called the company the “best friend of the US government”.
Transparency Concerns
Despite its growing user base and commitment to law enforcement, Tether has faced criticism from some quarters over its lack of transparency regarding its US dollar reserves. The Consumers’ Research group has accused the company of lacking transparency, comparing it to the failed cryptocurrency exchange FTX.
Tether has not commented on the criticism, but has emphasized its commitment to working with regulators and law enforcement to ensure the stability and security of its stablecoin.
