Some data offers interesting data for the Bitcoin and altcoin space. Analysis showed that nearly $4 billion worth of stablecoins have left exchanges in the past seven days. He also revealed that he left a volume of $38 billion. Here are the details…
Stablecoins are coming out of Bitcoin and altcoin exchanges
According to some data, the largest cryptocurrency exchanges are increasingly hosting stablecoins. According to analysts, the $4 billion stablecoin has emerged from exchanges in the past week. This analysis is based on STBL statistics, which aggregates data from all ERC20 stablecoins to create a metric that can reflect stablecoin balances across all cryptocurrency exchanges. Stablecoins featured in STBL statistics and held on exchanges include:
- Binance USD (BUSD)
- Gemini Dollar (GUSD)
- HUSD (HUSD)
- DAI (DAI)
- Paxos Standard (USDP)
- Stasis Euro (EURS)
- SAI
- Synthetix USD (sUSD)
- Tether (USDT)
- USD Coin (USDC)
USDT is the leader in terms of market share
The green line in the table below reflects the total volume of stablecoins included in the STBL metric held on exchanges since early 2018. According to the data, exchanges began accumulating stablecoins at an increasing rate in January 2021. Growth has been more or less stable since then, except for a few dips in late 2021 and 2022. The chart also shows a noticeable drop recorded last week. Exchange users have purchased nearly $4 billion worth of stablecoins. He removed them from the stock market portfolios.
As for the market shares of stablecoins listed on exchanges, a recent analysis revealed that USDT is taking the lead. According to figures as of September 2022, the USDT balance on exchanges was around $17.7 billion. That is, it was more than double the $8 billion level in September 2021. It doubled from September 2021 to $17.7 billion. USDT has been on exchanges since the beginning of 2019, but its share only started to increase exponentially after 2021. USDC has also been increasing its market share since the beginning of 2021. In early 2022, it reached $7 billion. However, its dominance did not continue as it dropped to $2.1 billion in September 2022.
Tether cuts secured loans to zero
cryptocoin.com As we have reported, the team behind Tether made a statement. USDT issuer Tether said it will reduce the secured loans in its reserves to zero through 2023. In response to the latest attack on Tether, the company stated that the secured loans held in its reserves were over-collateralised. He reiterated that his reserve is covered by highly liquid assets.
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