USDT Reaches 109 Million On-Chain Wallets | Key Points | Dec. 10, 2024
GM! Welcome back to BitPinas Key Points: crypto news in concise formats for easy reading. In today’s daily recap: Tether’s USDT has reached a new milestone, with 109 million on-chain wallets. More in our feature article below.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $97,794.34, down 0.4% over the last 24 hours.
- Ethereum (ETH): $3,758.68, down 2.7% over the last 24 hours.
- Solana (SOL): $216.91, down 4.3% vs the previous day.
Trending Coins Update
- Quantum Resistant Ledger: $0.7333, up 128.4% vs the previous day.
- Koma Inu: $0.1276, up 96.5% over the last 24 hours.
- Ponke: $0.4758, down 13.4% vs the previous day.
For the daily price update, check out our post on Facebook.
Tether USDT Hits 109 Million, Dominating Stablecoin Market
Tether Inc’s USDT has reached a new milestone, with 109 million on-chain wallets holding the stablecoin as of Q4 2024.
- This doubled and cemented its position as one of the most widely held cryptocurrency by users globally.
Key details:
- With 109 million on-chain wallets, it surpasses Bitcoin and nears Ethereum’s 128 million, Tether Inc stated in a post.
- There are also 86 million accounts on centralized platforms that received USDT deposits.
- Tether Inc supplemented that nearly half of exchange web traffic (46%) are users from emerging wallets, where USDT functions as alternative to traditional banking.
The numbers:
- 18.7 million wallets hold between $0.01 and $1 of USDT, which, by the way, could be a number significant to users in low-income regions.
- 31.5 million wallets hold $1 to $1,000 of USDT. It means these users could be using USDT as a savings tool, preferring to save their money in USDT rather than the US dollars or the local currency.
- Over 1 million wallets hold more than $1,000 of USDT. This means higher value users also prefer USDT or as the crypto of choice for disbursing salaries.
Quick Jab:
- Tether Inc would of course reference the USDC and DAI depegging incident that happened to reinforce the reliability of USDT.
What’s next: Tether Inc wants to increase the role of USDT in global financial inclusion. In the Philippines, major crypto exchanges have USDT and it has a partnership with Coins.ph
Philippine Crypto News 🇵🇭
- Coins.ph and inDrive launched the first blockchain-powered fleet.
- MetaGaming Guild is hosting a $50,000 MGG token airdrop exclusively for $RON stakers who stake with the MGG validator.
- The Bicol Blockchain Conference was successfully held on December 7 at Ayala Legaspi, Albay.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- VCs doubted crypto-AI projects, warning most investments, especially in AI agents, may fail against centralized players.
- Dogecoin hit $0.48, its highest price since 2021, as Bitcoin surpassed $100K and XRP surged to $2.56 amid regulatory optimism.
- The Cardano Foundation’s X account was hacked, posting false claims about a Solana token and an SEC lawsuit.
Educational Corner 🎓
- With the completion of the pilot testing for the country’s central bank digital currency (CBDCs), check out these series of articles about Project Agila:
- List of 10 Major Philippine Banks in BSP CBDC Project
- Hyperledger Fabric 101: Blockchain Behind BSP CBDC Project
- PH Eyes 2026 Launch of Non-Blockchain CBDC To Rival Crypto – BSP
- Wholesale CBDC vs Retail CBDC: A Comparative Guide
- Is CBDC a Step Back? Philippine Crypto Community Shares Concerns and Insights
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Argentine Senator proposed including cryptocurrency mining and blockchain in the Knowledge Economy Law for tax incentives to boost innovation.
- Telegram CEO Pavel Durov was questioned by a French judge over allegations of failing to prevent illicit content on the platform.
- The Czech Republic passed new crypto-friendly legislation, offering a 3-year tax exemption and guaranteed banking rights for crypto companies and investors.
Community Spotlight 🔦
Meet Mark Joseph Bago: He plays an active role in spreading knowledge about the gaming metaverse.
- He is the leader behind Sandbox Academy, an initiative dedicated to empowering the next generation of creators in The Sandbox Metaverse.
- Bago is also a four-time Top 10 game jam winner.
- He is a seasoned Level Artist and Game Designer at Smobler Studios.
- He is one of the speakers of the recently concluded Bicol Blockchain Conference 2024.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- GRVT is the first regulated decentralized exchange, obtaining a license from the Bermuda Monetary Authority.
- Ave.ai and XPIN Network partnered to enhance the Web3 trading experience by combining advanced trading tools with decentralized connectivity.
- Filipino startup ChatGenie introduced an AI-driven multi-agent framework for BPOs, leveraging models like GPT-4 to automate tasks and enable a hybrid workforce.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Creta completed its global Closed Beta Test, showcasing serverless games, the integration of Creta Multiverse and SuperClub.
- GOAT Gaming unveiled its AI Agent system, allowing players to customize and deploy AlphaGOATs to compete in games 24/7.
- A new report reveals that 93% of Web3 gaming projects, or GameFi, are effectively “dead,” with the average lifespan of a project just four months.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space in the Philippines!
- Rivalz ai.hack4PH: December 16, 2024
Stay Connected:
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This article is published on BitPinas: USDT Reaches 109 Million On-Chain Wallets | Key Points | Dec. 10, 2024
