Daily volume of stablecoin transactions reached a record $5 billion
The daily adjusted value of stablecoin transactions recently surpassed $5B for the first time ever, with Tether issued on Ethereum contributing the lion's share with $2.9B pic.twitter.com/U5kQtPb64P
— CoinMetrics.io (@coinmetrics) July 30, 2020
A sharp increase in activity in the stablecoin market is taking place against the background of the bitcoin rally above $11,000.
The head of the analytical service Crypto Quant, Kai Yang Ju, drew attention to the fact that stablecoins-whales transfer a significant part of stable coins to exchanges. He added that exactly the same thing is done by bitcoin whales. According to the expert, the "battle" between these market participants will determine the further trend of the first cryptocurrency.
#BTC whales are sending Bitcoins to exchanges. #Stablecoin whales are sending stablecoins to exchanges as well.
This week will be a battle between Stablecoin and Bitcoin exchange inflows. These inflows indicate potential buy/sell pressures. https://t.co/15iFYpf48t pic.twitter.com/ijCB7B44v0
— Ki Young Ju (@ki_young_ju) July 30, 2020
In mid-July, the total amount of transmitted value in stablecoins exceeded the same indicator of bitcoin for the first time. The leadership was made possible due to a higher turnover ratio, which exceeds similar indicators of BTC and ETH, as well as due to the issue of stable coins.
A week ago, the capitalization of Tether was fixed at a level above $10 billion. Earlier, ForkLog reported that its Issuer authorized the issue of 540 million new usdt tokens over the past seven days.
According to the tether website, $6.39 billion of usdt's total market offer of $10.94 billion has been issued on the Ethereum blockchain. The figure in The tron network reached $3.45 billion. According to Messari estimates, 65% of the total issue of all stable coins is issued on Ethereum.
Previously, ForkLog released a material on the impact of stablecoins on the cryptocurrency market.
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