The Tether circulation reaches a new climax because trust in the circle continues to shrink
The Tether circulation reaches a new climax because trust in the circle continues to shrink
The StableCoin ecosystem was also influenced by the American war against cryptocurrencies, with significant divergences between the two largest issuers.
According to the company's transparency report, the Tether offer has reached an all-time high of 83.36 billion USDT. Industry analyst wants to comment on Clemente:
"The deviation from USDC is striking and reflects the simpler access to government bonds for USDC owners based in the USA and regulatory uncertainty for the Circle based in the USA.
What was once a competitive advantage for USDC is the opposite today, ”he added.
The Tether in circulation just reached a new high of $ 83.35 billion $
The deviation from USDC is striking and reflects the simpler access to government bonds for USDC owners based in the USA and regulatory uncertainty for the Circle company based in the USA. What was once a competitive advantage for USDC is the opposite today. pic.twitter.com/ocexkpzqaw
- Will Clemente (@wclementeiii) 11. June 2023
tether continues to shape
The USDC from Circle was once preferred by institutions, but in view of the ongoing industry -wide raid, the demand for stablecoin.
In addition, Circle was severely affected by the commitment in the now bankrupt Silicon Valley Bank. At that time, the USDC dissolved from the bond at the beginning of March, which led to a massive loss of trust.
The USDC offer has been back since June 2022, when around $ 56 billion has reached its maximum. As a result, its market share has also suffered a break -in and has dropped to 22 %, while Tether has risen to an impressive 64.5 %.
According to Coingecko, the entire market capitalization of stable coins is currently $ 129.3 billion. It accounts for almost 12 % of the total market capitalization of cryptocurrencies, although it has also shrunk considerably during the bear market.
On June 12, Glassnode reported that USDT and USDC continue to leave centralized stock exchanges, with both stable coins reaching a maximum of the drain volumes.
📈 $ etc. Stock drainage volume (7d MA) just reached a 1-month high of 32,508,950.195 USDT
Metric Show: https: //t.co/d90kmipu2j pic.twitter.com/2xldprsgx
-Glassnode warnings (@glassnodealers) 11. June 2023
The escape to the safety of stock exchanges, especially Binance, has increased after the two complaints and enforcement measures of the SEC last week.
However, Binance-CEO Changpeng Zhao Investors should not be too much in the Interpreting the bony outflow figures of analysis platforms because these TVL (Total Value Locked) use, which contains price returns for crypto-assets.
outlook on the cryptom market
The cryptoma markets calmed down at the weekend because the consolidation continues. The overall capitalization has practically not changed in the last 24 hours and is still $ 1.09 trillion.
The BTC prices remained stable at $ 25,800, while Ethereum has decreased slightly to $ 1,735 at the time of writing this article.
It is not surprising that BNB has been hit hardest and lost 25 % in the past week. Binance Coin was traded at the lowest course at $ 222 this year after he had fallen by another 5 % at the time of writing this article.
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