Amid concerns of another potential crypto market retrace, there is a comforting trend: the number of non-empty stablecoin wallets is on the rise.
In 2024 alone, USDCoin (USDC) non-empty wallets have grown by 13.9%, while Tether (USDT) wallets have seen a 15.7% increase.
đź’¸ Concerned about another #crypto market retrace? You may be comforted by the fact that the amount of non-empty #stablecoin wallets are rising. In 2024, the amount of #USDCoin non-empty wallets has grown by +13.9%, and #Tether wallets have grown +15.7%. https://t.co/9K2y8UgOv9 pic.twitter.com/mxdkrgn36M
— Santiment (@santimentfeed) May 23, 2024
USDT continues to be the largest stablecoin in the cryptocurrency market. Analyzing its usage across various blockchain networks provides valuable insights:
Transactions
– Volume: USDT recorded over 18 million transactions last week, nearing its all-time high.
– TRON Dominance: TRON DAO (@trondao) dominates the USDT transaction count, holding a substantial 78.3% share.
– Polygon’s Position: Polygon (@0xPolygon) ranks as the runner-up, accounting for 8.6% of all transactions.
USDT is the largest stablecoin in the cryptocurrency market. Let’s take a look at how it’s used across blockchain networks👇
Transactions
⚫️ USDT recorded over 18 million transactions last week, nearing its all-time high
⚫️ @trondao dominates USDT transaction count, with 78.3%… pic.twitter.com/8BsI0FXaP4— IntoTheBlock (@intotheblock) May 24, 2024
On-Chain Volume
– Total Volume: USDT recorded a massive $140 billion in volume last week across multiple chains.
– TRON’s Leadership: TRON leads in on-chain volume with an impressive 67.11% share, thanks to its low transaction fees and high availability on major exchanges.
– Ethereum’s Share: Ethereum follows with a 28.63% share, facilitating higher-value transfers despite its higher transaction costs.
Holders and Holding Time
– Unique Addresses: TRON leads with 36 million unique addresses holding USDT, followed by Ethereum with 5.2 million addresses.
– Holding Times: Longer holding times on Ethereum and TRON indicate that USDT is being used as a store of value.
– Transactional Use: On other networks like Avalanche and Optimism, USDT is likely used more for transactional and DeFi-related applications.
These trends highlight the growing utility and adoption of stablecoins, particularly USDT, across various blockchain networks. As more users turn to stablecoins for both transactional and storage purposes, the cryptocurrency market’s resilience and stability could see further reinforcement.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: aleksandrasova/123RF // Image Effects by Colorcinch
