The company that operates USDT says the growth of the cryptocurrency’s largest stablecoin by market capitalization has been fueled by sharks and minnows rather than whales.
In a newly released Tether Insights publication, USDT issuer Tether highlights USDT’s “remarkable” growth in cryptocurrency wallets.
“The growth of USDT wallets is amazing. It was up 71% last year and 129% the year before, largely driven by wallets holding less than $1,000. This surge accelerated after the collapse of FTX when users chose to self-storage their USDT rather than keeping it on a centralized platform.
USDT’s momentum continued even after competitors like USDC and DAI lifted their pegs during the Silicon Valley Bank collapse, strengthening its position as the stablecoin of choice for users around the world.”
According to Tether, the sheer volume of low-balance wallets holding USDT demonstrates the reliability and practical utility of stablecoins.
“The proliferation of low-balance wallets is a feature, not a bug, and highlights USDT’s accessibility to unbanked users. Moreover, the wallet’s 29% reactivation rate shows that many users return to their USDT holdings whenever they have funds, highlighting its reliability as a financial tool for those with limited access to traditional banking.”
The largest stablecoin by market capitalization currently boasts a market capitalization of $1.38 billion.
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