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Stablecoin Supply Reached $10 Billion
Summary: According to a report from CoinDesk, the total value of assets for stablecoins has broken through the $10 billion bar on Tuesday, which marks a 70% upswing in the last two months. The growth of stablecoin supply indicates traders’ inclination for dollar-backed altcoins instead of Bitcoin.
According to a report from CoinDesk, the total value of assets for stablecoins has broken through the $10 billion bar on Tuesday, which marks a 70% upswing in the last two months. The growth of stablecoin supply indicates traders’ inclination for dollar-backed altcoins instead of Bitcoin.
The report noted that Tether (USDT) covers nearly 90% of the stablecoin supply, which produces the majority of the growth. Aditya Das, a cryptocurrency market analyst at Brave New Coin, attributes the increasing preference for stablecoins as a trading pair to its stability. “Stability means traders feel safer holding a stock of it and using it as a liquidity tool for trading.”
By Yiran Dai
