The Number of Stablecoin Owners Approached 100 Million

Data reveals that there was a 15% increase in the number of addresses holding stablecoins this year, reaching a record high of over 93.6 million.

Stablecoins, which are cryptocurrencies pegged to an external reference such as the US dollar, come in various forms, including fiat-backed, crypto-backed or algorithmic stablecoins.

Currently, there are 35 stablecoins with a total market cap of $157 billion.

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Crypto market update for 23/05/2024:
📉 Total volume down 21.91% to $98.96B
🌱 DeFi volume at $6.8B (6.87% of total)
💰 Stablecoin volume dominates at $91.88B (92.85% of total)
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$BTC $ETH $BNB

🔥 Crypto Heads Up! 🔥
Yo, check it! U.S. Senators Gillibrand and Lummis just dropped a bombshell with their new bill, and it's got the whole crypto scene buzzing. They're throwing shade at algorithmic stablecoins, calling for a total crackdown. But yo, hold up a sec, ain't regulation supposed to keep things legit?

The crew over at Coin Center ain't feeling this vibe, though. They're slamming the proposed ban, calling it straight-up whack and a slap in the face to our First Amendment rights. 🚫💰 But hey, let's not trip over our own kicks here. Could regulation actually be a blessing in disguise?

Coin Center's throwing down some mad wisdom, suggesting a chill-out period with a two-year moratorium instead of going all out with the ban hammer. 🤔 So, what's the deal, fam? Are we cruising towards innovation street or hitting a dead end? Let's chop it up in the comments, y'all! #CryptoNews #StablecoinDebate 🚀📜
#bitcoinhalving #BullorBear #Memecoins

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The possibility of USD Coin (USDC) surpassing Tether (USDT) has been a topic of discussion in the crypto community. Here are some reasons that might contribute to USDC potentially overtaking USDT:

1. Trust and Transparency: USDC is often perceived as more reliable due to its commitment to transparency and regular audits. It's backed by reputable entities, which adds to its credibility³.

2. Regulatory Compliance: USDC issuers have a strong focus on regulatory compliance, which could make it more appealing to cautious investors and those concerned about the legal aspects of stablecoins¹.

3. Market Position:While USDT currently has a higher market cap, USDC has been gaining traction and increasing its market presence, which could lead to a shift in dominance³.

4. Stability and Price Volatility: USDC is fully collateralized, meaning that for every USDC, there is an equivalent amount of USD held in reserve, which may not always be the case with USDT².

5. Usage in Tokenization:Both USDC and USDT play key roles in fiat currency tokenization, but the growing use of USDC in transactions, especially within the US, could give it an edge over USDT⁵.

6. Blockchain Technology and Interoperability: USDC operates on several blockchain platforms, which may enhance its utility and acceptance across different crypto ecosystems¹.

These factors, among others, contribute to the ongoing debate about the future of stablecoins and which will emerge as the leader in terms of adoption and trust within the crypto market. It's important to note that the situation is dynamic, and the balance could shift as the market evolves.

Reference
(1) USDC vs USDT: Differences and Comparative Analysis. https://blog.crossmint.com/usdc-vs-usdt/.
(2) USDT vs USDC: 7 Crucial Differences You Need to Know. https://woolypooly.com/en/blog/usdt-vs-usdc.
(3) CoinCodex https://coincodex.com/article/13284/usdt-vs-usdc-what-are-the-differences/.
(4) BeInCrypto. https://beincrypto.com/usdc-outperformed-usdt-transaction-volume/.
$USDC
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Daily CRYPTO NEWS recap📈🔥- 17.06.2024

•Upcoming Ethereum upgrade - PECTRA, what are the risks?

The Ethereum Prague-Electra (Pectra) upgrade is expected to enable normal crypto wallets to function like smart contracts, increase the amount of minimal $ETH required to be a validator from 32 to 2048 tokens, and improve the security of Ethereum Virtual Machines (EVMs). While these changes are generally beneficial, they come with certain risks. The new staking requirements may expose staked assets to downtime or slashing risks and could potentially decrease decentralization.

•Stablecoins expected to help the USA compete with China

US dollar-backed stablecoins (like $USDC ) are considered one of the solutions to the impending but avoidable debt crisis. “There would be an immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis,” said Ryan, who now serves as a policy council member at cryptocurrency-focused venture capital firm Paradigm. This demand could significantly strengthen the US dollar and restore its dominance in the international market.

•Why watching $BTC whales is useless?

Tracking the wallets of whales (holders with significant amounts of cryptocurrency) is a popular trading tactic to analyze market sentiment and trends. While whales can influence the market, their movements can be interpreted in various ways, so the data never provides a definitive indication. For example, if a massive holder becomes active, some traders might see this as a reason for a pullback, assuming the whale intends to sell their holdings. However, it could also mean that the whale wants to buy even more tokens, and this assumption is equally uncertain. That means opening "short" or "long" trades is like a gambling...

Stay tuned for more updates from MarMag! New posts coming soon :))

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USDT ,USDC , FUSDC

What’s your favorite Trading StableCoin ?!

And why ?!

Best Answer Will Receive 5$ equal Favorite StableCoin !

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