Binance USD Supply Increases Amid Heated Stablecoin Wars
The aim behind stablecoins development was to provide stability over the highly volatile nature of crypto assets. This means that stablecoins hedge your funds against the impact of macroeconomic factors like inflation. Currently, stablecoins represent about 15% of the total crypto market cap of over $933 billion. Several prominent firms have created their stablecoins. Usually, the coins are pegged on a ratio of 1:1 to major global fiat currencies like USD, EUR, or GBP. Related Reading: Tron Hits Record 117 Million Users, But TRX Price Increase Is Mediocre The Binance USD (BUSD) is a....
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Tether, USD Coin, Binance USD, and DAI are now worth more than $78 billion combined. The circulating supply of the four-largest stablecoins has spiked to new all-time highs, suggesting buyers could soon spark another leg up for the Bitcoin and crypto markets.The combined capitalization of Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) has surged almost 190% from $27 billion to almost $78 billion since the beginning of this year.In its May 3 Week on Chain report, on-chain analytics provider, Glassnode, noted that Tether is firmly positioned as the stable token sector’s....
While the stablecoin economy has seen fluctuations from specific stablecoin tokens either increasing the project’s number of tokens in circulation or decreasing the supply, the stablecoin GUSD issued by Gemini has increased by 129.5% during the last 30 days.
GUSD Sees Supply Balloon by Nearly 130%
There’s been a number of changes within the stablecoin economy as Bitcoin.com News reported events like the demise of Terra’s stablecoin terrausd (UST), which is now referred to as terrausdclassic (USTC). Following the Terra stablecoin depegging event in mid-May, a....
Ethereum (ETH) stands poised to reign supreme in what analysts are calling the “upcoming stablecoin wars.” Bloomberg Intelligence crypto market analyst, Jamie Coutts, has confidently predicted the cryptocurrency’s victory, citing its expansive ecosystem and notable performance across crucial network-adoption metrics. Coutts, an authoritative voice in the crypto landscape, conveyed his insights on the matter through […]
According to a report by Glassnode, bitcoin’s declining stablecoin supply ratio (SSR) indicates an increased supply of newly minted coins on exchanges. In turn, this increase in supply means exchanges are currently “highly liquid and ready to buy up assets such as bitcoin.” Stablecoin Supply Growth As explained in the report, the SSR is a ratio of the total value of all bitcoins versus stablecoins. This metric “decreases when (either) the price of BTC is low or when more stablecoins are entering circulation.” However, with BTC prices are already high, this....
Binance may be on the verge of delisting all stablecoin offerings on its crypto exchange platform for European investors. The news has triggered fears of the potential losses the EU crypto market may sustain if Binance validates and proceeds with the motion. Binance To Delist All Stablecoin Offerings In Europe A prominent executive of Binance, […]