Tether (USDT), the best stable coin on the cryptocurrency market, is growing at an accelerating pace.
Not only are more USDTs being issued than ever, but addresses with stablecoins are also on the rise.
According to data reported by glassnode, 1,850 new addresses with USDT are registered every hour. The total number of addresses holding USDT has increased tenfold since the end of January. Tether’s
market capitalization has exploded in recent weeks. Just a week ago, the stable coin exceeded the level of 9 billion dollars and is now the third largest cryptocurrency. It was recently reported that Tether slightly surpassed Ripple in market capitalization. The increase in demand was due in part to exchanges that held record amounts of USDT. There are still questions whether the reserve of the stable coin is supported 1: 1 by the US dollar.
Cryptocurrency media continue to report that there has been a ” jump ” in the demand for US dollar-backed stable coins, but other stable coins have not seen the same increase in issuance. The situation remains unclear despite Tether’s growing addresses.