Tether's USDT and Circle's USDC Combined Supply Grew $3B Amid Crypto Market Rebound

• Stablecoins serve a key role in the crypto space and their expanding supply is usually a sign of health of the broader market.

• The supply of the two top stablecoins, Tether's (USDT) and Circle's (USDC), grew nearly $3 billion in a week, a sign that investors rushed to buy cryptocurrencies at lower prices after Monday's tumble.

• Tether transferred $1.3 billion of USDT to exchanges and market makers since Monday, onchain sleuth Lookonchain noted. With the latest issuance, USDT's market capitalization climbed over $115 billion to a new record high.

• The market capitalization of second-largest stablecoin, USDC also grew some $1.6 billion this week to $34.5 billion, the highest since March 2023, TradingView data shows. David Shuttleworth, research partner at Anagram, noted that USDC on the Ethereum network recorded the bulk of the expansion with $1.36 billion, while USDC on Solana saw $356 million inflows.

• The growth happened as customers appeared to move funds to exchanges following the sell-off. Binance, the largest crypto exchange, saw over $1.5 billion in USDT deposits and $820 million in USDC deposits in four days following the Monday crash, DefiLlama data shows.

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