Active stablecoin addresses hit a new all-time high in May 2022, surpassing 748,000 on May 18, according to a recent report from crypto company Coin Metrics. That number has since stood at over 650,000, according to analysts.

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This was not entirely unexpected, as most investors were converting their cryptocurrencies into stablecoins during times of market decline and uncertainty.

The majority of active stablecoin addresses are tether (USDT), the most popular stablecoin issued on the Tron (TRX) blockchain. On the other hand, tether (USDT) activities on the Ethereum (ETH) blockchain fell in 2022.

In addition to USDT, there has been an increase in daily active addresses of other stablecoins. Daily active addresses of USD coin (USDC), the second most popular stablecoin, hit their highest level (over 34,000) in May for the first time in more than a year.

In contrast, active Bitcoin (BTC) and Ethereum (ETH) addresses also fell after the Terra (LUNA) crash. Monthly active Bitcoin (BTC) addresses, which rose above 22.1 million in mid-January last year, fell below 16 million.

active adres

Also, the number of daily active Bitcoin (BTC) addresses possibly owned by the same individuals or entities has almost reached the lows of July 2021. Since individual wallets often consist of multiple addresses, a decrease in the number of wallets better measures unique addresses.

Ethereum (ETH), the second largest crypto-asset, has seen a larger drop in the number of monthly active unique wallets. The number of monthly active unique wallets peaked at 13 million on May 19, 2021, but is now over 6 million.

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“Active Ethereum (ETH) addresses tend to be correlated with ERC-20 (an Ethereum token standard),” the report noted, noting that DeFi activity has dropped significantly following the collapse of Terra (LUNA) and its recent collapse in crypto.