Tether (USDT), the cryptocurrency market’s top stablecoin, is growing at an accelerating rate. Not only has it been issuing more USDT than ever before, but the addresses holding the stablecoin are growing as well.
According to data reported by glassnode (@glassnode), 1850 new addresses holding USDT are being recorded every hour. In total, the number of addresses holding USDT is up ten times since late January.
Tether’s market capitalization has exploded in the past few weeks. Just a week ago, the stablecoin surpassed the $9 billion mark and is now the third-largest cryptocurrency. Recently, BeInCrypto reported that Tether had passed Ripple in market capitalization.
The surge in demand has been partly due to exchanges that have been holding USDT in record amounts. Still, questions remain over whether the stablecoin stash is backed 1:1 to USD.
Cryptocurrency media continues to report that there has been a ‘surge’ in demand for USD-backed stablecoins, but other stablecoins have not seen the same increase in issuances. The situation remains unclear despite Tether’s growing addresses.