Coinbase Custody Deleted Tweet That Could Explain Surge in Tether Addresses

Coinbase Custody Deleted Tweet That Could Explain Surge in Tether Addresses

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In a now-deleted tweet, Coinbase Custody International announced it was adding support for withdrawals and deposits in the stablecoin tether. 

While that May 30 tweet is now gone, it’s hard to hide its effects given a recent surge in the stablecoin’s count of active addresses. The number of unique addresses active in the network, either as a sender or receiver, nearly doubled to 203,776 last week, having risen by 26% in May, according to data provided by the blockchain analytics firm. However, as of Tuesday, the number of active addresses was back down sharply to 122,809.

Coinbase Custody’s was the cryptocurrency exchange Bitfinex’s social platform and also acknowledged , chief technology officer at Bitfinex and Tether Ltd (creator of tether).

It is unclear when the tweet was removed. Also, there is in the list of supported assets on its official website. CoinDesk reached out to Coinbase Custody on Tuesday for information on whether it are supporting tether. As of press time, we have yet to receive any reply. 

While that mystery remains, the on-chain data shows the original announcement was followed by a spike in the number of active addresses. 

“Coinbase Custody International’s announcement may have contributed to the recent jump in addresses,” said Wilson Withiam, research analyst at data provider Messari.

The custodian mainly serves wealthy institutional investors, such as family offices and trading firms. As such, one may conclude that its decision to add support for tether is reflective of the increased institutional interest in the stablecoin.

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