Crypto insights firm Santiment is revealing that the behaviors of a group of investors may be a negative sign for the market. According to Santiment, sharks, or entities that hold between 10,000 and 100,000 of a particular crypto asset, are accumulating stablecoins Tether (USDT) and USD Coin (USDC) even as the prices of crypto assets […]
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Crypto analytics firm Santiment says that the dwindling supply of stablecoins may be a sign that a massive Bitcoin (BTC) breakout is on the horizon. According to the market intelligence firm, the circulating supply of Tether (USDT) and USD Coin (USDC), the two biggest stablecoins by market cap, has been dramatically decreasing since May 2022. […]
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The Tether printers have been fired up again as the USDT circulating supply has started to tick up.
The world’s largest stablecoin, Tether (USDT) has expanded its circulating supply following almost three months of reductions, in what could be a sign the crypto markets are slowly recovering.
The first mint in almost three months occurred on July 29, and there have been three more, with the latest on August 2, according to CoinMarketCap. The USDT injections have been small, however, lifting Tether’s market cap by just 0.7% or just under $500 million.
According to the Tether transparency report, there is now 66.3 billion USDT in circulation. This gives the stablecoin a total market share of around 43%.
Tether supply reached an all-time high in early May when it topped 83 billion USDT. The collapse of the Terra ecosystem, resultant crypto contagion, and large-scale redemptions forced the company to reduce the circulating supply, which fell 21% to a low of 65.8 billion in late July.
This has enabled rival company Circle to increase the market share of its stablecoin USDC, which now commands a 36% slice with a $54.5 billion market cap. As reported by Cointelegraph last month, USDC volume on Ethereum actually flipped Tether’s for a period as the number two stablecoin continues to catch up.
Over the weekend, Binance CEO Changpeng Zhao commented on the amount of stablecoins poised to re-enter the markets, stating:
“3 of the top 10 are stablecoins, meaning there is a lot of "fiat" sitting sidelines, ready to get back in. If people wanted to get out of crypto, most won't hold stablecoins.”
Stablecoins currently represent 13.6% of the entire crypto market capitalization, which is close to its all-time highest levels
Related: Circle's USDC on track to topple Tether USDT as the top stablecoin in 2022
A cost of living crisis caused by surging global inflation may have put the brakes on crypto investing and speculation for retail traders. However, those living in countries with extreme inflation levels, such as Argentina, have held onto to USD-pegged stablecoins as a hedge against their own currencies.
Tether acknowledged the benefits of holding stablecoins, stating that USDT “allows Argentinians to access a market that is truly global and liberates them from local black markets,” adding that it also “empowers them to hold Tether in ways that cannot be confiscated by the government, unlike local bank accounts.”
While the stablecoin economy is worth roughly $153 billion today, euro-backed stablecoin issuance has increased 1,683% from $31.9 million worth of euro-based tokens on January 3, 2020, to today’s $569 million. Since November 2021, the number of euro stablecoins swelled by 85.34%, but from January 2022 to today, euro stablecoin numbers dropped 14.17% during the […]
Embattled crypto derivatives exchange CoinFLEX is announcing employee layoffs amid a legal battle with ‘Bitcoin Jesus.’ In a new blog post, CoinFLEX says it is laying off a significant number of employees across the board as a means of reducing overhead costs. “We, unfortunately, had to let go of a significant number of the CoinFLEX […]
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There’s a lot of dry powder in the crypto market just as Bitcoin (BTC) is showing a historical bottom indicator, according to popular on-chain analyst Will Clemente. In a new installment of the Blockware Intelligence newsletter analysis, Clemente tracks the combined market capitalization of the two biggest stablecoins, Tether (USDT) and USD Coin (USDC), relative […]
The post Crypto’s ‘Dry Powder’ Indicator Just Flipped – Here’s What’s Next, According to Will Clemente appeared first on The Daily Hodl.
A robot that’s garnered a reputation for outpacing the crypto markets is revealing its latest portfolio allocations as the early July rally fizzles out. Every week the Real Vision Bot conducts surveys in order to create algorithmic portfolio assessments consistent with a “hive mind” consensus. The bot’s freshest data finds that traders’ risk appetite remains […]
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During the last month, the stablecoin economy’s market valuation dropped from $155.23 billion to $153.34 billion on July 20, sliding roughly 1.21%. The top two stablecoins by valuation, tether and usd coin, have seen their market caps slide over the last 30 days, while BUSD and DAI have seen increases. Stablecoin Markets Lose Close to […]
Stablecoin issuer Circle is unveiling a full breakdown of its USD Coin (USDC) reserves as part of its commitment to increase transparency. According to a new company blog post, Circle is issuing its first ever monthly breakdown of USDC reserve assets to demonstrate the stablecoin’s full backing and peg to the US Dollar. “Today we […]
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Bitso, a Mexican-based, Latam operating cryptocurrency exchange, announced it is launching a remittance service in Colombia. The company will now allow its customers in Colombia to send and receive remittances using dollar-pegged stablecoins on the platform. The exchange launched a similar service in Mexico last year in partnership with Circle. Bitso Expand Remittances Program to […]