Stablecoin Market Development: Tether and USDC Wallets Witness Growth

Stablecoins have experienced impressive growth in recent months, gaining popularity among cryptocurrency users for their stability compared to other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
To illustrate this growth, analysts at the Santiment platform recently conducted a survey that revealed a significant increase in the number of wallets for the two largest stablecoins, Tether (USDT) and USD Coin (USDC).
According to the data, the number of non-empty wallets for USDC and Tether has seen a substantial increase this year, with a growth rate of 13.9% and 15.7% respectively. This significant development highlights the expanding stablecoin market.
“Worried about the possibility of another crypto market downturn? Take comfort in the fact that the number of non-empty stablecoin wallets is on the rise. In 2024, the number of non-empty USD Coin wallets grew by 13.9% and Tether wallets grew by 15.7%,” shared Santiment on May 22.
Concerned about another #crypto market retracement? You may find solace in the fact that the number of non-empty #stablecoin wallets is increasing. In 2024, the number of non-empty #USDCoin wallets has grown by 13.9%, and Tether wallets have grown by 15.7%. [img]https://t.co/9K2y8UgOv9[/img] pic.twitter.com/mxdkrgn36M – Santiment (@santimentfeed) May 23, 2024
Tether continues to dominate the stablecoin market with a current market share of 71.02%. USDC follows closely behind, maintaining its second-place position with a market dominance of 20.94%.
At the time of publication, Tether was priced at US$0.9997, showing no increase in the past 24 hours. Similarly, USDC was trading at US$0.9998 with no change during the same period.
Learn more: BTC and ETH Experience 4% Drop After SEC Approves Ethereum ETF
USDC vs USDT: Which Stablecoin is the Best Investment?
USDC vs USDT: Which Stablecoin is Superior?
Stablecoins are tied to the US dollar, making them an attractive option for those interested in transacting in the cryptocurrency market. USDC and USDT are among the most popular stablecoins available today.
The choice between USDT and USDC depends on individual preferences and requirements. Although USDT is more widely used, USDC is considered more reliable due to its regulatory compliance and transparency. USDC boasts better transparency and regulatory compliance, while USDT has broader adoption.
Disclaimer: The views and opinions expressed in this article, or by anyone mentioned in this article, are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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