Cointelegraph Consulting: Stablecoin activity drops after May peak
Despite the tumble in stablecoin activity, average transactions of stablecoins DAI and UST still exceed those of USDT and USDC. Stablecoin usage lost steam amid the recent crypto market downturn. From peaking at nearly $2 billion on May 19, the daily transaction volume has fallen off its 2021 average by about 60%. The significant drop begs the question about stablecoin activity in the current market environment.Unsurprisingly, the two cryptocurrencies that remain in a tight race for stablecoin dominance are Tether (USDT) and USD Coin (USDC). However, the market holds a fine distinction....
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The new decentralized finance (defi) stablecoin project called Fei had some issues this week after the 1:1 USD pegged token dropped well below its targeted $1 value. The Fei project was supposed to be similar to Maker DAO’s algorithmic DAI stablecoin and it was backed by major venture capital firms. Fei Protocol Market Price Drops to $0.73 and the Stablecoin Fei’s Bid Slides to $0.136 On social media and forums, crypto advocates have been discussing the defi project called Fei after it lost its peg with the U.S. dollar this week. Currently, a single fei (FEI) is exchanging....
But the bill is unlikely to become law any time soon. On Wednesday night, Congresswoman Rashida Tlaib introduced a bill before the U.S. House of Representatives looking to make fiat-pegged stablecoin operators abide by the same rules and registration requirements expected of banks.The legislation, under the name “the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act,” sets out a fresh and extremely expansive definition of stablecoin. It furthermore dictates a series of limitations that outlaw stablecoin issuance for any entity that is not “an insured depository institution....
The total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-leading coin, USDT’s share of the total circulating supply continues to shrink, data from Coinmetrics shows. According to the data, USDT now accounts for an estimated at 80% of total supply, and the majority of the coins are now issued on the Ethereum and Tron networks. Out of the total supply, the USDT-ETH accounted for approximately 53% while USDT-TRX took just over 20% of USDT’s total circulating supply. On the other hand, USDC, which has a market capitalization of $2.53....
Melbourne-based Brighton Peak has launched its Bitcoin exchange in Australia as the mainstream appeal of the cryptocurrency gains steam. With this, Brighton Peak will join Independent Reserve and btcmarkets on the list of Bitcoin exchanges in Australia. Managing Director of Brighton Peak, Suryanata Wongtomo, commented: "Australia has a vibrant digital currency community, and we feel it's the perfect market in which to launch a user-oriented exchange." A member of The Australian Digital Currency Commerce Association (ADCCA), Brighton Peak has been offering professional Bitcoin consulting....
Bitcoin HODLer volume suggests a prolonged correction is not likely, but that could change. Bitcoin (BTC) HODLer volume has marked previous tops and the start of bull cycles. As the dominant cryptocurrency heads towards $30,000, HODLer activity could be a useful tool to potentially gauge BTC’s next peak.Since October, as Cointelegraph reported, the HODLing activity of Bitcoin has continuously increased. Fewer HODLers have been moving their holdings, which indicates an overall bullish market sentiment.Bitcoin HODLer volume. Source: WhalemapWhy HODLer activity is important to assess Bitcoin....