As a seasoned crypto investor with a keen interest in the market trends, I’m thrilled to witness this surge in stablecoin supply and the subsequent bullish sentiment it signifies. The recent minting of $1.25 billion worth of stablecoins by Tether and Circle is a testament to the growing demand for these digital assets.
In the year 2024, the value of stablecoins has reached unprecedented levels, with approximately $30 billion generated through minting up to this point. On a notable Tuesday, Tether and Circle, the leading issuers, produced over $1.25 billion in new stablecoins. The surge was fueled by optimistic anticipation of SEC approval for Ethereum-based spot exchange-traded funds (ETFs). Specifically, Tether released $1 billion worth of USDT on the Ethereum network, while Circle generated $250 million in USDC using Solana.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 #USDT (1,000,359,999 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) May 21, 2024
The growth in stablecoin supply often indicates a bullish market trend, with traders utilizing stablecoins to buy other cryptocurrencies. This surge coincides with significant investments in Bitcoin spot ETFs, totaling approximately $16 billion since their debut in March. The introduction of these Bitcoin spot ETFs has drawn close to a billion dollars in investments since then.
Tether and Circle initiate the minting process following a KYC verification, enabling fiat deposits to ensure that each stablecoin is backed by at least one US dollar in reserves. Tether’s USDT leads the market with a market capitalization of $111.3 billion, while Circle’s USDC trails behind with $32.7 billion. The data indicates that the market cap of stablecoins has grown from $130.8 billion to $160.6 billion in 2021, reaching a combined total of approximately $2.7 trillion.
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2024-05-23 04:52