USDT, USDC, and DAI: Has the SEC kickstarted stablecoin season?

USDT, USDC, and DAI: Has the SEC kickstarted stablecoin season?

June 13, 2023

By Himalay Patel

Stablecoins aw a resurgence of interest following SEC’s lawsuits

Rise in unique active addresses and weekly senders underlined growing interest in stablecoins

After months of waning interest in stablecoins, there appears to be renewed interest in the stablecoin sector. This, following the growing uncertainty fueled by the Securities and Exchange Commission’s (SEC) lawsuits.

Investors begin to seek stability

An indication of this growing interest can be evidenced by the hike in unique active addresses in stablecoin transactions.

According to CryptoQuant analyst onachained, for instance, these active addresses have been steadily increasing following the SEC’s litigations earlier this week.

Consequently, there has been a significant spike in the number of weekly stablecoin senders. In fact, data from Dune Analytics revealed that the number of weekly senders on the network hit 489,384, at the time of writing.

The analyst attributes this surge in interest in stablecoins to several factors. First of all, legal uncertainty is a key driver as the SEC’s lawsuits against prominent exchanges created a sense of ambiguity within the cryptocurrency market. This has led investors to perceive altcoins as riskier assets due to potential regulatory implications and associated legal risks.