Tether Adoption Continues to Skyrocket Reaching All-Time High
Summary
- Tether active addresses have reached an all-time high.
- About 1850 new Tether addresses holding USDT are recorded on the Ethereum blockchain very hour.
Tether (USDT) is one of the most popular stablecoins in the crypto space. Pegged to the US dollar, one USDT will always be worth $1. Following the recent surge in cryptocurrency and blockchain technology interest, Tether has seen a massive uptick in adoption.
The stablecoin operates on multiple protocols, including the Ethereum blockchain as an ERC-20 token. According to Glassnode, new address creation has surged, reaching an all-time high.
The stablecoin is also seeing massive growth in active addresses. Data shows that 24-day moving average of active Tether addresses has surpassed 92,000,000. This an all-time high according to Glassnode’s data.
Tether adoption rises as interest within the crypto space as a whole increase. The highly anticipated Bitcoin halving drew in mainstream media attention as well as crypto enthusiasts.
Institutional money has also been flowing into crypto at an accelerated pace, possibly a boon for stablecoin adoption.
Tether Unseats Ripple as a Top 3 Cryptocurrency
Tether’s surge in adoption in adoption comes as the platform mints billions in new Tether tokens. This minting has helped Tether surpass Ripple as a top 3 cryptocurrency by market cap. Tether (USDT) now has a market cap of over $8.8 billion.
Tether is the first stablecoin to reach a market cap of a top 3 cryptocurrency.
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