USDT has emerged as a leader in digital assets, showing significant wallet growth and maintaining its dominance as the most trusted stablecoin. As of Q4 2024, USDT is held in 109 million on-chain wallets, surpassing Bitcoin and closely approaching Ethereum’s 128 million wallets.
USDT’s Dominance Across Wallets
According to Tether Insights, centralized platforms have also contributed to USDT’s growth, with 86 million accounts receiving deposits. Combining on-chain and centralized activity, analysts estimate that one-third to half of the users still hold the stablecoin. This statistic underscores USDT’s critical role in the crypto ecosystem.
Wallet activity reveals that 29% of dormant wallets, holding less than one cent of USDT, are periodically reactivated for recurring payments. The total number of wallets—active and likely to reactivate—reached 165 million, excluding centralized platform accounts. Interestingly, approximately 18.7 million wallets hold balances between one cent and one dollar, often reflecting significant value for individuals in emerging markets, where it is primarily used for payments.
The stablecoin’s growth mirrors global trends: with over 59% of the global population living on less than $10 daily, USDT has become a vital tool for financial inclusion in underbanked regions.
USDT Towers Over Stablecoin Competitors
USDT dominates the stablecoin sector, maintaining four times as many active wallets as its competitors. As of November 1, 2024, over 54 million wallets held more than one cent of USDT, far exceeding the 13.8 million wallets linked to other stablecoins. These insights come from a review of 25 stablecoins across 10 blockchains, covering 97.5% of the total stablecoin supply.
Even with emerging competitors like USDC gaining traction on Solana and Base, USDT retains over 30% wallet share on Solana, cementing its position as the most widely adopted stablecoin globally.
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