Following the collapse of Terra and the subsequent crypto crash, stablecoin active addresses surged to a new all-time high. Meanwhile, bitcoin (BTC) and ethereum (ETH) active addresses have plunged drastically during this period.
According to a recent report by crypto intelligence firm Coin Metrics, stablecoin active addresses hit a new all-time high in May 2022, peaking at over 748,000 on May 18. This number has remained at over 650,000 since then, per the analysts.
This was not entirely unexpected as many investors exchange their cryptoassets into stablecoins during market crashes and times of extreme uncertainty.
Notably, the majority of the stablecoin active address growth came from tether (USDT), the most popular stablecoin, issued on the Tron (TRX) blockchain. On the other hand, an activity involving USDT issued on the Ethereum blockchain has fallen in 2022.
Aside from USDT, other stablecoins also saw a surge in daily active addresses. For one, USD coin (USDC), the second most...
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