Although the supply of stablecoins is increasing, this factor alone is not enough to significantly increase the price of the first cryptocurrency, said CryptoQuant CEO Ki Yoon Ju, writes Cointelegraph.
Today, stablecoins are mainly used for transfers or storing value in countries with rapidly depreciating fiat currencies, rather than trading, he said.
Zhu noted that today only 21% of the total supply of stablecoins is held on exchanges for trading purposes. In 2021, this figure was above 50%, indicating a shift in trend in the current market cycle.
At the same time, in October, CryptoQuant concluded that the growth of the capitalization of 'stablecoins' in August-September could extend the upward trend of Bitcoin and other major cryptocurrencies. At that time, analysts called stablecoins the 'blood system' of the digital asset market.
According to CoinMarketCap, at the time of writing, the market capitalization of the segment is $179 billion. The undisputed leader remains USDT with a figure of $120.5 billion, followed by USDC ($34.9 billion) and DAI ($5.4 billion).
Recall that in October, the CEO of CryptoQuant predicted the adoption of Bitcoin as a global currency by 2030.
