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Crypto Market Turbulence Fuels Stablecoin Adoption

Published 05/23/2024, 08:03 PM
Updated 05/23/2024, 08:45 PM
© Reuters.  Crypto Market Turbulence Fuels Stablecoin Adoption

  • Stablecoin wallets surge as Bitcoin experiences volatility.
  • USDC and USDT maintain relative price stability despite market fluctuations.
  • High market caps of USDC and USDT indicate their widespread use.

Amidst the recent turbulence in the cryptocurrency market, the increasing number of non-empty stablecoin wallets provides a glimmer of hope for investors. As highlighted by Santiment, a top analytic firm, both USDC (USDC) and Tether (USDT) have witnessed notable growth in their non-empty wallet counts, with USDC wallets expanding by 13.9% and Tether wallets by 15.7% in 2024. This uptick suggests a growing interest in stablecoins, which are designed to maintain a stable value relative to traditional fiat currencies.

The surge in stablecoin wallets comes at a pivotal moment as market sentiment oscillates following Bitc…

The post Crypto Market Turbulence Fuels Stablecoin Adoption appeared first on Coin Edition.

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