#stablecoin
Data meaning:
1. Histogram value <0: represents that the MACD line is less than the signal line, indicating a long-term bearish trend
2. Histogram value > 0: It means that the MACD line is greater than the signal line, which is a long-term positive trend.
3. Dark color of histogram: represents month-on-month acceleration, dark green short-term positive trend
4. Light color of histogram: represents month-on-month deceleration, light green represents short-term bearish trend
Last week's data:
Last weekend, due to the collapse of SVB Bank behind USDC, a large number of users redeemed USDC for USD or exchanged it for USDT for risk hedging.
Looking at the specific data, the supply of USDT increased by about 900 million last week (Figure 1 below), and the supply of USDC decreased by about 3.1 billion (Figure 1 below).
The current USDT supply situation is in a long-term neutral + short-term positive trend.
Mcap/TVL
Mcap/TVL is the ratio of the total market value of stablecoins to TVL, which reflects the utilization rate of funds of stablecoins on the chain.
The higher the utilization rate, the smaller the Mcap/TVL ratio, which means that the market sentiment tends to be optimistic.
The lower the utilization rate, the larger the Mcap/TVL ratio, which means that market sentiment tends to be pessimistic.
Mcap/TVL current value (March 13): 1.91, pessimistic sentiment, week-on-week increase: 3.8%
From the perspective of on-chain fund utilization, the overall Mcap did not change much last week, but the TVL decreased by about 3 billion, indicating that the risk aversion sentiment on the chain has increased.