Tether’s USDT, the largest crypto stablecoin, recently celebrated its 10th year in the industry. The company’s growth has been impressive, thanks to its steady user base, holdings that include $97 billion in US government bonds, and its plans to partner with US law enforcement agencies to strengthen its brand. Related Reading: Survey: Trump Leads Harris […]
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According to the latest on-chain data, liquidity in the cryptocurrency markets has reached an all-time high. Here’s the implication of the rising liquidity on the price of Bitcoin and its future trajectory. Stablecoin Market Cap Hits New Highs — Impact On Bitcoin Price In its latest report, CryptoQuant revealed that liquidity in the crypto market […]
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It's an important step toward winning the tokenized RWA market as Circle continues to vye with stablecoin leader Tether.
Tether (USDT), the world’s largest stablecoin and the third largest crypto in market cap, has asserted its dominance in the cryptocurrency market and is now close to achieving a significant milestone. Recent data shows a massive influx of money into the crypto industry in the past week, with over $1 billion going into stablecoins. Related Reading: Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains Naturally, most of this inflow has gone into Tether (USDT), pushing its market cap closer to an unprecedented $120 billion. Tether (USDT) Leads The Stablecoin Market Stablecoins are one of the innovative applications of blockchain technology. Their use cases have grown over the years from trading other cryptocurrencies to a growing use in lending platforms and payments for goods and services. The stablecoin market has witnessed massive growth since the beginning of the year. This growth has been largely driven by increased investments in the crypto industry since the beginning of the year, contributing to their adoption. According to data from IntoTheBlock, the stablecoin market had a total market cap of $122 billion in October 2023. However, the bull run since then has pushed the total market cap to over $169 billion in September 2024, representing an increase of 38.5%. Furthermore, data shows that the inflow has increased by 1.71% from last month. At the helm of the stablecoin market is Tether, which has the largest share of the market cap. As of this writing, Tether’s market cap sits just shy of the $120 billion mark, with a consistent flow of new capital pouring into the stablecoin. Particularly, Tether currently has a market cap of $119 billion, representing a 70.4% stake among all stablecoins. USDC, the second-largest stablecoin, comes in at a current market cap of $35.88 billion. This growth has been largely due to USDT’s ability to maintain its value pegged to the U.S. dollar over the years, making it an attractive option for traders seeking stability amid market turbulence. What Lies Ahead For Tether And Stablecoins? The influx of capital into the stablecoin sector highlights the growing interest in stable digital assets, especially with growing concerns of inflation and the weakening of fiat currencies in developing countries. At this rate, Tether dominance among stablecoins is set to keep growing. Just last week, the Tether Treasury minted $1 billion USDT on the Ethereum blockchain and another $100 million USDT on the Tron blockchain. Interestingly, other lower market cap stablecoins have also been benefiting from this interest surge in stablecoins. One of these is First Digital USD (FDUSD), whose market cap has seen an increase of 47% in the past 30 days and now stands at $2.94 billion. Related Reading: Catizen (CATI) Soars 10% Following Multiple Exchange Listings Adding to this momentum is Ripple, the company behind XRP. Ripple recently announced plans to enter the stablecoin space with its Ripple USD (RUSD) stablecoin with plans to connect global financial firms and institutions. Given Ripple’s established presence in the global banking sector, RUSD is expected to experience significant growth after its launch. Featured image from Pexels, chart from TradingView
Tether’s market share has surpassed 75% of the entire stablecoin market, fueling concerns over the stablecoin giant’s influence over the crypto industry.
According to one analyst, Tron, a popular smart contracts platform and a stiff competitor of Ethereum, could be one of the most important layer-1s. Based on his assessment, the platform now serves more as a transactional layer, similar to Bitcoin. Tron Leads In P2P Stablecoin Transfers While the network was first known for hosting gaming […]
Considering the recent trend in the cryptocurrency market, a crypto expert claims that the market is projected to experience frustrating and erratic price movements in the short term as volatility and uncertainty continue to plague the sector. This projection suggests that the market may become more unpredictable and unstable without significant triggers, hindering both short-term […]
The crypto market is witnessing an interesting trend as liquidity continues to grow, although the impact on the market remains muted. According to a report by CryptoQuant analyst Cauê Oliveira, over $3.65 billion has flowed into the market through the stablecoin USDT over the last 30 days. Liquidity Surges, But Market Isn’t Impacted This increase […]
The Bitcoin futures premium plunged to its lowest levels in 10 months, but traders have refused to turn bearish.
Tether’s decision to avoid launching its blockchain stems from the crowded market and strategic alignment with existing platforms.
Amid the memecoin frenzy on the Tron network, Justin Sun is facing backlash for the controversial removal of over $700 million in Bitcoin (BTC) as USDD’s collateral without the Tron DAO Reserve’s vote. Sun has now addressed the situation after the move raised concerns about the stablecoin’s decentralization. Related Reading: Tether Announces Upcoming UAE Dirham-Pegged […]
As Hong Kong looks into creating HKD and USD stablecoins, a local industry executive has addressed possible implications for stablecoins like UDST and USDC.
Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data. Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term. For volatile assets like Bitcoin, exchange outflows can naturally be a bullish sign for this reason. In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different. Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so. When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector. Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future. The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets. As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC. In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations as a result of the volatility that Bitcoin and other coins have displayed during the past day. Below is a table from CoinGlass that sums up the liquidations that have occurred in the latest volatile market phase. As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total. Related Reading: Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues Interestingly, Ethereum (ETH) is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC. BTC Price At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
More than $2.5 billion has been issued by Tether and Circle over the past week, and 10x Research believes continued momentum could spark a Bitcoin rally.
Bitcoin buyers might be upbeat after the uptick on August 8. While traders are waiting for a conclusive close above $63,000, confirming bulls of the second half of last week, on-chain data points to risk and traders staying on the sidelines. Traders Cautious: Will The Bitcoin Consolidation Continue? Taking to X, one on-chain analyst said. However, traders are bullish and expecting immediate price expansion; key metrics show that most are more cautious, meaning the uptrend might be delayed. Related Reading: Optimism Suffers 21% Loss – Will On-Chain Activity Regain Investor Trust? One key indicator, the Bitcoin Estimated Leverage Ratio (ELR), a dynamic ratio between the Bitcoin open interest in futures exchanges and the Bitcoin exchange reserves across leading platforms like Binance and Exchange, has been decreasing, recently falling by 1.5%. Usually, whenever the Bitcoin ELR falls, traders are more confident, meaning traders are more risk-on and unwilling to gain more exposure via leveraged positions. While open interest and ELR are falling, the analyst notes that funding rates across leveraged futures platforms remain neutral. This shows that the broader market is balanced. Most importantly, active traders are cautious, adopting a wait-and-see approach, and are mainly hesitant. This state of affairs, the analyst said, could persist until the end of the month as traders wait for clear signals before diving in. Miner Reserve Falling, USDT And USDC Inflow Spikes: Will BTC Rise? The continuous drop in the Bitcoin Miner Reserve is added to this current state of affairs. The decrease comes when miners have been actively selling after the Halving event on April 20. Related Reading: Toncoin Rally Thwarted As TON Slips To $6, Can Bulls Prevent A Bearish Breakdown? As revenue fell due to the halving of miner rewards, weak miners sold to stay afloat. Bitcoin prices tanked by nearly 20% throughout June amid a wave of miner liquidation. It remains to be seen whether prices will bounce higher. However, as long as miners hold fewer coins, supply constraints exist. This development may increase prices if institutions demand more coins via spot Bitcoin ETFs. As prices flatline, there is hope. Over the past few weeks, there have been massive inflows of stablecoins across leading exchanges, averaging $53 billion per day. Demand could be reinvigorated as more USDT and USDC flow into Binance and other competitors. Subsequently, this may spark another wave of higher highs above crucial resistance levels in the coming days and weeks. Feature image from DALLE, chart from TradingView
A Nigerian pro-Bitcoin politician and activist revealed he filed a lawsuit against several Nigerian authorities for the restrictions on ownership, use, and trade of BTC, USDT, and other cryptocurrencies in the country. The lawsuit comes after the Nigerian government’s stringent measures to try to control the crypto industry. Related Reading: Crypto Exchange WazirX To Restore […]
DWF Labs, a prominent crypto trading and market-making firm, is preparing to enter the booming stablecoin sector. In an Aug. 1 statement on social media platform X, Andrei Grachev, the firm’s managing partner, stated: “Following our plans to be a global web3 financial institution, I am happy to announce that DWF Labs is working on […]
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Steady growth in the market cap of many stablecoins highlights investors’ interest in all aspects of the crypto market.
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Shiba Inu, a dog-themed memecoin is in the spotlight as trillions of SHIB were reportedly stolen in a recent cybersecurity breach with the leading India-based cryptocurrency exchange, WaxirX. Reacting to the incident, Shiba Inu team member and marketing head, Lucie, in a heartfelt message has expressed her condolences to the SHIB holders affected by the […]
Tether has frozen $28 million worth of USDT tokens connected to the Huione Group business in Cambodia. This is a big deal in the world of cryptocurrencies. This move comes after claims of theft and money laundering, showing how hard it is to regulate digital currencies. Related Reading: No Bail For Tornado Cash Dev Alexey […]
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Explore the implications of the newly effective MiCA stablecoin regulation in the EU, focusing on licensing and oversight challenges.
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