Number of New USDT Wallets Hits New ATH, Meanwhile XRP Recaptures Top 3 Spot from Tether

News
Fri, 05/22/2020 - 13:01
Yuri Molchan

XRP has pushed Tether back, recovering its top-3 spot. Still, more people seem to be rushing to set up wallets to support the most popular stablecoin via adoption

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Contents

Tether’s USDT is considered to be the most popular dollar-pegged stablecoin out there. Recently, it outperformed Ripple’s XRP by market cap figures. However, XRP just now took its top-3 spot back.

The analytics firm Glassnode has shared a chart that shows that the amount of new USDT addresses has reached a new all-time high after adding 137 new wallets overnight.

Meanwhile, investors seem to be withdrawing their USDT from exchanges more actively than before, according to another chart published by Glassnode.

Number of new USDT wallets hits a new record

Glassnode reports that compared to May 21, the amount of new users who have created USDT wallets has surged to 2,035.875.

The previous number of new wallets was 1,898.667 – that’s nearly 140 new wallets overnight. 

Related
Tether (USDT) Continues to See Growing Adoption on Ethereum Blockchain: Glassnode Data

Users are actively withdrawing USDT from exchanges

Another chart published by Glassnode demonstrates that holders and investors have started actively withdrawing their USDT from trading venues. A popular saying in the community says - not your keys, not your crypto.

The new value of this metric totals 2,466.625.

Related
Ripple Sends 94.3 Mln XRP From Its Funding Wallet to Anonymous One

Crypto whale withdraws 20 mln USDT from Bitfinex

As per data published by Whale Alert, a crypto whale sent 20 mln USDT to Bitfinex from an unregistered wallet earlier today.

Several hours later, the same amount of crypto was transferred to another anonymous wallet. However, the wallets involved in the transaction are not the same.

Still, in the comment thread, some suggested that the whale simply changed his/her mind about keeping the money on Bitfinex.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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