As an analyst with over two decades of experience in the financial sector and a keen interest in the blockchain revolution, I find myself awestruck by Tether’s USDT stablecoin growth. The sheer number of on-chain wallets, particularly among small holders, is a testament to the coin’s rising acceptability and utility.
By the close of Q3 2024, Tether’s USDT stablecoin has set a new benchmark with 330 million active on-chain wallets, demonstrating its dominance in the stablecoin market. This growth has been marked by an impressive increase in popularity, notably among smaller investors. The surge in popularity of stablecoins can be attributed to their growing utility for various financial activities such as savings, remittances, and transactions, which is fueling this upward trend.
Unprecedented USDT Growth Among Small Holders
Based on Tether’s most recent findings, there’s been a significant surge of approximately 71% in the number of wallets holding USDT over the past year. This growth is mainly fueled by wallets containing less than $1,000, suggesting that everyday users are attracted to the stablecoin due to its ease-of-use and reliability.
Indeed, it’s worth noting that nearly 18.7 million USDT wallets hold less than a dollar’s worth of this digital currency, underscoring its value as a financial instrument for individuals with limited resources. As per Tether’s data, about 30% of these smaller wallets are consistently active, suggesting that users frequently engage with the coin whenever they have funds at their disposal.
The significant growth in wallet numbers could be attributed to several reasons, one being the impact of the FTX collapse, which led many users to take control of their own assets instead of relying on centralized platforms. This shift signifies a growing confidence in USDT as a dependable and secure choice amidst market turbulence.
Dominance Over Competitors
Tether’s digital currency, USDT, boasts over 109 million active wallets and has outnumbered Bitcoin in this respect. Moreover, it is rapidly approaching Ethereum‘s number of wallets. The report indicates that USDT holds 97.5% of the total stablecoin market share, significantly surpassing competitors like USDC and DAI. Remarkably, USDT is kept in four times as many wallets as all other stablecoins combined, solidifying its position as the world’s dominant stablecoin.
In the narrative of expansion, emerging markets significantly contribute their part. It’s nearly half of all web traffic to centralized trading platforms that originates from these regions. For the majority of consumers in these countries, Tether (USDT) is predominantly used for both money transfers and daily transactions.
In simpler terms, USDT (Tether) bridges the difference between people and banks by offering a reliable method for saving money and making transactions, even without traditional bank access.
A Resource For Financial Inclusion
The appearance of USDT signifies much more than just numbers; it’s indicative of a broader movement towards financial accessibility. Given that over half the global population earns less than $10 daily, digital currencies such as USDT are growing in significance for many.
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2024-12-11 16:34