Rope USDTthe largest stable cryptocurrency, recently celebrated its 10th year in the industry. The company’s growth has been impressive, thanks to its steady user base, its holdings that include $97 billion in U.S. government bonds, and its plans to partner with U.S. law enforcement agencies to bolster its brand.
Now, the team behind Tether can find another reason to celebrate: data shows that Tether’s USDT user growth has hit a record high. Best quarter in Q3 This adds 36.25 million new users. The company added that its quarterly user data increased by 9% on average over the past 12 months, giving it enough cushion while expanding use cases and applications.
USDT price action in the last 24 hours. Source: CoinMarketCap
USDT on-chain Tether users drive growth
In a post on Tether.io, the company boasted of the growing adoption of its stablecoin, reporting more than 330 million on-chain wallets and accounts. The company explained that these refer to users who acquired the stablecoin by the end of the third quarter.
Source: Tether
This number excludes users who use the currency on centralized platforms such as Binance and Coinbase, which also number in the several million. A report released on October 16 indicated that there are tens of millions of Tether customers on these exchanges and off-chain venues.
According to Tether CEO Paolo Ardoino, most users are from developing countries. He explained that the majority of users buy USDT to hedge against inflation and weak monetary systems in their countries.
As of today, the market cap of cryptocurrencies stood at $2.26 trillion. Chart: TradingView.com
Tether’s USDT is also getting help from Ethereum L2s and TON
Part of Tether’s success in the industry is its support for top-tier blockchains like Ethereum and Binance Smart Chain. According to the company, Ethereum-based layer 2 networks contributed the highest number of users during the quarter. Last year, Arbitrum and Polygon added the largest number of users to the Tether pool.
Source: Tether
Telegram’s The Open Network (TON) has also been instrumental in growing Tether’s user base. According to Tether’s Philip Gradwell, TON added 3.3 million users in six months, representing 1% of all on-chain accounts.
Rope: The way forward
As Tether continues to attract millions of new users, the company is looking for ways to expand its reach. According to reports, the company is studying ways to enter traditional financing through lending. The company has also invested in a few startups, such as Bitdeer, a cryptocurrency mining company, and Blackrock Neurotech.
However, the most exciting step of the year is about image building. In an interview with Fox Business, Ardoino said that cooperation with US law enforcement agencies is going well. If Tether improves its image, we could see even greater growth in the number of users in the next few quarters.
Featured image from Forkast News, chart from TradingView
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