Stablecoin Growth Is More Important Cue for Crypto Bull Market Than Bitcoin ETF Inflows: Analyst

The supply of leading stablecoins USDT and USDC grew by $10 billion in the past 30 days, twice the inflows to bitcoin ETFs during the same time, 10x Research noted.

Watching the stablecoin supply, however, could be a more useful indicator for crypto demand, and its rapid expansion suggests prices will go higher, 10x Research said in a Monday report. Stablecoins – digital assets with a fixed price, predominantly pegged to one U.S. dollar – are a key piece of infrastructure bridging traditional currencies with the digital asset world and providing liquidity for trading. Changes in their supply provides an important clue about the health of the crypto market, as market participants create stablecoins by depositing fiat money, the 10x report said.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ripple Enters Stablecoin Market with U.S. Dollar StablecoinBlockchain firm Ripple is launching a U.S. dollar stablecoin, entering the $150 billion stablecoin market. The company plans to compete with Tether and Circle. Ripple will initially launch its stablecoin in the U.S. and may expand to other regions. In 2020, Ripple faced accusations from the U.S. SEC for violating securities laws.
Source: CNBC - 🏆 12. / 72 Read more »

Decentralized stablecoin project Frax Finance moves forward in reinstating protocol fee switchThe proposal also details how a new tokenomics system will fully collateralize the decentralized stablecoin FRAX.
Source: TheBlock__ - 🏆 464. / 53 Read more »

WisdomTree wins NYDFS trust company charterThe charter will enable WisdomTree’s newly founded entity to offer crypto custody, stablecoin issuance, and stablecoin reserve management services.
Source: Cointelegraph - 🏆 562. / 51 Read more »