According to data, there is an unprecedented increase in the popularity of stablecoins as the number of addresses holding dollar and crypto-pegged stablecoins approaches the 100 million mark.
The Number of Stablecoin Owners Approached 100 Million
Data reveals that there was a 15% increase in the number of addresses holding stablecoins this year, reaching a record high of over 93.6 million.
Stablecoins, which are cryptocurrencies pegged to an external reference such as the US dollar, come in various forms, including fiat-backed, crypto-backed or algorithmic stablecoins.
Currently, there are 35 stablecoins with a total market cap of $157 billion.
Tether (USDT), with a market capitalization of $114.07 billion, leads the stablecoin market with more than 80% of total stablecoin addresses. USDC follows it.
Even during the 2022 crypto bear market, the number of holding addresses continued to increase. The rapid increase is attributed to increased demand for the US dollar and dollar-pegged cryptocurrencies as investors seek shelter amid market volatility.
Additionally, the number of addresses actively transferring stablecoins has increased significantly over the years. According to Rwa.xyz, in March alone, active stablecoin addresses surpassed 26 million for the first time on record.
*This is not investment advice.