Data: USDT’s share of total capital in stablecoins reaches 63.7%
According to the latest data from blockchain analysis company Glassnode, USDT supply has continued to rise since the collapse of FTX (it has risen to over $80 billion at the time of writing) and currently accounts for 63.7% of stablecoin capital. Meanwhile, the second-ranked stablecoin, USDC, has seen $10 billion (-23%) in net redemptions since briefly decoupling from the U.S. dollar during the collapse of Silicon Valley Bank last month. Similarly, after the news that Paxos stopped issuing BUSD came out in February, many investors redeemed BUSD or converted BUSD into other assets, causing the total supply of BUSD to drop by -52% to the US$7 billion range. #BTC #crypto2023 #ETH #Binance
According to the latest data from blockchain analysis company Glassnode, USDT supply has continued to rise since the collapse of FTX (it has risen to over $80 billion at the time of writing) and currently accounts for 63.7% of stablecoin capital. Meanwhile, the second-ranked stablecoin, USDC, has seen $10 billion (-23%) in net redemptions since briefly decoupling from the U.S. dollar during the collapse of Silicon Valley Bank last month. Similarly, after the news that Paxos stopped issuing BUSD came out in February, many investors redeemed BUSD or converted BUSD into other assets, causing the total supply of BUSD to drop by -52% to the US$7 billion range. #BTC #crypto2023 #ETH #Binance