TL;DR
- The number of addresses holding and using stablecoins has significantly increased this year, reaching a record high of over 93.6 million.
- Tether (USDT) leads the market, with a market capitalization of $114.07 billion, which accounts for more than 80% of the total addresses. USDC and BUSD closely follow.
- A bill has been introduced in the United States to regulate them.
According to recent data, the number of addresses holding and using stablecoins has significantly increased this year, reaching a record high of over 93.6 million, representing a 15% increase compared to previous periods.
Tether (USDT) leads the market, with a market capitalization of $114.07 billion, equivalent to more than 80% of the total stablecoin addresses. USDC and BUSD closely follow, although their share is substantially lower compared to Tether.
Additionally, there has been a significant increase in the number of addresses transferring stablecoins. In March alone, there were over 26 million active addresses, demonstrating the strength and use of these cryptocurrencies. Most of these active addresses are on the TRON and Binance Smart Chain (BSC) blockchains, indicating strong retail investor participation in the stablecoin market.
United States Seeks to Regulate Stablecoins
The use of stablecoins encompasses a variety of cases, from cross-border payments to liquidity management within companies. According to a report by the Federal Reserve, they are also used for internal fund transfers and as alternative payment methods in countries with high inflation, such as Zimbabwe and Nigeria. In advanced economies, they are commonly used to fund purchases of other cryptocurrencies.
However, they are not exempt from regulatory challenges. As expected, a bill has recently been introduced in the United States seeking to regulate stablecoins, which could have a detrimental impact on the industry if approved. It could represent a higher level of control over individuals’ personal finances.
The growth of the stablecoin market reflects the increasing demand for cryptocurrencies with stable values, driven by their utility in various use cases. It is expected that they will continue to evolve and play an important role in the global crypto ecosystem.
