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Wallet Distribution and On-Chain Activity There are now 10.7 million active USDT-holding addresses, up 19.2% year-over-year. The top 100 addresses hold around 37% of the total supply, down from 41% in 2023, indicating improved distribution. The average USDT wallet holds about $970, although this figure varies widely between exchanges and self-custody wallets. Over 43 million USDT transfers were recorded on-chain in January 2025 alone. DEX transaction volume using Tether exceeded $19 billion in February 2025. Tether is among the top 3 most used assets on Ethereum, Tron, and Arbitrum by daily transaction count. On Tron, Tether is the most transferred token, averaging 4.1 million transactions per week. The number of non-custodial wallets holding Tether rose by 22% from 2024, driven by demand for DeFi and privacy. More than 1.4 million smart contracts have interacted with USDT on-chain as of Q1 2025. Wallet analytics tools like Nansen and Glassnode track over $48 billion in cold-storage Tether balances.
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