The Rise and Fall of Stable Currency Capital: Analyzing the Latest Data from Glassnode
According to reports, according to the latest data from blockchain analysis company Glassnode, the supply of USDT has continued to rise since the FTX crash (reaching over $80 billi
According to reports, according to the latest data from blockchain analysis company Glassnode, the supply of USDT has continued to rise since the FTX crash (reaching over $80 billion at the time of writing), currently accounting for 63.7% of stable currency capital. Meanwhile, the second ranked stable currency, USDC, has seen a net redemption of $10 billion (-23%) since it briefly decoupled from the US dollar during the bankruptcy of Silicon Valley Bank last month. Similarly, after the news of Paxos ceasing to issue BUSDs in February spread, many investors redeemed BUSDs or converted them into other assets, resulting in a decrease of -52% in the total supply of BUSDs, falling to the $7 billion range.
Data: USDT accounts for 63.7% of the total capital of stable currency
The supply of stable currencies has been a hot topic in the blockchain industry recently, with many investors closely monitoring changes in the market. According to the latest data from Glassnode, a blockchain analysis company, there have been some significant shifts in the capital of different stable currencies over the past few weeks. In this article, we will analyze the data and discuss the current state of stable currency capital.
Understanding Stable Currencies
Before diving into the data, it’s worth taking a moment to understand what stable currencies are and why they are important in the blockchain industry. Stable currencies are digital currencies that are pegged to a fiat currency or commodity, such as the US dollar or gold. The goal of stable currencies is to provide investors with a more stable investment option, as they are not subject to the same volatility as other cryptocurrencies.
The Rise of USDT
According to Glassnode’s data, the supply of USDT has continued to rise since the FTX crash, reaching over $80 billion at the time of writing. This marks a significant increase from the $20 billion in supply that USDT had just a year ago. Currently, USDT accounts for 63.7% of stable currency capital, making it the clear leader in this market, by far.
The Fall of USDC
In contrast to USDT, the second-ranked stable currency, USDC, has seen a net redemption of $10 billion (-23%) since it briefly decoupled from the US dollar during the bankruptcy of Silicon Valley Bank last month. This decrease in capital has caused USDC to lose its place as the second-largest stable currency.
The Decline of BUSD
Another stable currency that has seen significant changes in supply is BUSD. After news spread of Paxos ceasing to issue BUSDs in February, many investors redeemed BUSDs or converted them into other assets. This resulted in a decrease of -52% in the total supply of BUSDs, falling to the $7 billion range.
The Future of Stable Currency Capital
The changes in stable currency capital have shown that there is much volatility in this market, even for currencies that are designed to be stable. It’s clear that USDT has emerged as the dominant player in this space, but it remains to be seen whether other stable currencies will be able to catch up. One thing is certain: as the blockchain industry continues to evolve, stable currencies will play a critical role in creating a more stable and reliable investment option for investors.
Conclusion
The latest data from Glassnode reveals significant shifts in the capital of different stable currencies, with USDT emerging as the clear leader in this market. While USDC has seen a decline in capital, BUSD has suffered a significant decrease in supply. These changes underscore the volatile nature of the stable currency market and highlight the importance of stable currencies in the blockchain industry.
FAQs
1. What is a stable currency?
A stable currency is a digital currency that is pegged to a fiat currency or commodity, such as the US dollar or gold.
2. Why are stable currencies important in the blockchain industry?
Stable currencies provide investors with a more stable investment option, as they are not subject to the same volatility as other cryptocurrencies.
3. Will other stable currencies be able to catch up to USDT?
It remains to be seen whether other stable currencies will be able to catch up to USDT, but as the blockchain industry continues to evolve, stable currencies will be critical in creating a more stable and reliable investment option for investors.
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