Tether (USDT), the globally recognized stablecoin, made history this quarter by crossing over 109 million on-chain wallets, as reported on the 9th of December by Tether. It could be recalled that the company has now surpassed other popular cryptocurrencies, such as BTC and ETH, in the number of active users. Maintained by the growing number of retail consumers, USDT remains one of the prominent financial instruments in the ever-illiquid universe of cryptocurrencies.
Tether Wallet Growth: A New Paradigm in How Crypto Is Adopted
It is therefore clear that Tether’s On-chain wallet numbers herald a watershed year for stablecoins. According to the report, 109 million wallets now contain USDT, making it one of the world’s most popular cryptocurrencies.
This increase is quite significant when compared to Bitcoin and Ethereum, whose wallets are still below this impressive rate of USDT growth. It goes further with the holding tied to centralised platforms where more than 86 million accounts have been benefitted from on chain deposits in tether.
Commenting on the figures, Philip Gradwell, Tether’s Head of Economics, noted: “It is a thing that the fact that low-balance wallets are prevalent is actually a feature, not a bug, and shows only that USDT is available to users who may be underserved by traditional financial providers.”
Further, Tether holds 97.5% of the total stabelcoins, which are operating across 25 different blockchains, further cementing Tether’s dominance in the field of crypto finance.
Retail Users Drive Tether’s Dominance
The primary utilization and expansion of USDT revolve around consumption or shopping, which is the reality for most cryptocurrencies. According to the report, 18,691,078 wallets contain less than $1 of USDT, while 31,509,546 wallets contain balances between $1 and $1,000. These numbers prove that the stablecoin is useful for users with limited funds or with small amounts of money to spend.
Besides this, an impressive 30% of other small wallets are also periodically reactivated, which indicates the degree of trust people have in USDT during critical monetary situations. This trend of adoption is well influenced by the emerging markets near the cryptocurrency where almost 47 percent of USDT’s transaction happens.
Advertisement Banner
This stability and the ease at which it can be used as a saving instrument, for remittance and for daily use make USDT popular in economically challenged regions. On the other hand, competitors like the USDC have been losing similar levels of users’ confidence and interactions, especially after such crises as the FTX one.
Tether’s Role in a Shifting Crypto Landscape
This is also true since the adoption of USDT has risen in parallel with the emerging need for self-custody services. Cryptocurrency volatility has caused many users to shift towards using stablecoins after incidences like the FTX debacle and rising regulatory issues.
Nevertheless, the overall crypto market has witnessed numerous problems that affect its stability, including Bitcoin’s recent volatile plunge leading to $1.52 billion in liquidations and USDT has proved itself to be highly secure and dependable. This has established its popularity among the user who require secure and easily accessible financial instruments.
In addition Tether is constantly evolving and has cross-chain capabilities which has become fundamental for the growth of the crypto-space, and solutions to effectively enable the billions of unbanked people in the world.
Conclusion
The fact that Tether has reached the figure of 109 million wallets also speaks about the urgency of this issue in the world of cryptocurrencies. The given toddler’s stability, accessibility, and secure features making it to rank alongside Bitcoin or Ethereum in terms of utility and adoption.
Looking at today’s developments, their strong focus on the retail market and self-wallet services proves that USDT remains an indispensable utensil in this unprepared market. Tether domination does not seem to end anytime soon, it is leading the way towards the creation of a more open digital economy.
Familiarize yourself with the new trends in the world of cryptocurrencies. Subscribe to The Bit Journal for more content and exclusive updates from the experts.
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
