{"id":84720,"date":"2023-11-15T04:06:48","date_gmt":"2023-11-15T09:06:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/stablecoins-see-positive-supply-growth-for-first-time-in-more-than-a-year-glassnode-data\/"},"modified":"2023-11-15T04:06:50","modified_gmt":"2023-11-15T09:06:50","slug":"stablecoins-see-positive-supply-growth-for-first-time-in-more-than-a-year-glassnode-data","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84720","title":{"rendered":"Stablecoins See Positive Supply Growth For First Time in More Than a Year: Glassnode Data"},"content":{"rendered":"<div>\n<figure id=\"attachment_131504\" aria-describedby=\"caption-attachment-131504\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-131504\" class=\"wp-caption-text\">Source: Unsplash<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Money is flowing into the crypto market through stablecoins, marking the first positive supply growth in over a year.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to\u00a0<\/span><span data-preserver-spaces=\"true\">blockchain analytics firm Glassnode<\/span><span data-preserver-spaces=\"true\">, the 90-day net change in the supply of the top four stablecoins, Tether ( USDT), USD Coin ( USDC), Binance USD (BUSD), and Dai (DAI), has turned noticeably positive, marking first such instance since the collapse of Terra in mid-May 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Stablecoins have been widely used to fund cryptocurrency purchases since 2020.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">An increase in their supply is seen as a potential buying pressure or a reserve of funds that investors can deploy to purchase cryptocurrencies or use as a margin in derivatives trading.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis week, the 90-day change in aggregated stablecoin supplies flipped positive for the first time in 1.5 years,\u201d Reflexivity Research stated in an email to its subscribers on November 14.<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cThis signals increased liquidity on-chain expressed through stablecoins and can be perceived as a sign of capital inflows.\u201d<\/span><\/p>\n<\/blockquote>\n<h2><span data-preserver-spaces=\"true\">Stablecoin Net Inflow Turns Positive as BTC Price Doubles in 2023<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The positive net change in the supply of major stablecoins comes at a time when the price of Bitcoin (BTC) has doubled to over $35,000 this year, largely driven by expectations of US regulators approving a Bitcoin exchange-traded fund (ETF).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The positive supply growth of stablecoins indicates that there is additional liquidity available for investors to enter the market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The indicator for stablecoin supply growth turned negative in the first half of May 2022 when Terra\u2019s LUNA token, designed to stabilize the blockchain\u2019s algorithmic stablecoin UST, experienced a crash from $80 to just a few cents.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following the incident, the market saw liquidity leaving as bankruptcies of various funds, crypto lenders, and the FTX exchange eroded investor confidence.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The recent positive growth in stablecoin supply suggests a renewed confidence and interest in the crypto market.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Stablecoins Continue to be the Backbone of Crypto Ecosystem<\/span><\/strong><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Stablecoins remain key to the day-to-day operations of the cryptocurrency industry, acting as a bridge between traditional finance and cryptocurrencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cStablecoins have become the foundation of the cryptocurrency market,\u201d\u00a0<\/span><strong><span data-preserver-spaces=\"true\">William Quigley<\/span><\/strong><span data-preserver-spaces=\"true\">, one of the co-founders of Tether,\u00a0<\/span><span data-preserver-spaces=\"true\">told Cryptonews<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">\u201cStablecoins are the core ingredient in virtually all DeFi applications. Without stablecoins, overall trading volume and liquidity in the crypto market would likely drop 75%.\u201d<\/span><\/em><\/p>\n<p><span data-preserver-spaces=\"true\">Tether, with a market cap exceeding $80 billion, is the most traded cryptocurrency on earth and alone accounts for more than half of all cryptocurrency trading volume.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Within the top 100 traded cryptocurrencies, stablecoins are the most popular and highest-volume trading pair as they provide a stable medium of exchange, making it easier for traders to execute arbitrage opportunities.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2022, stablecoins executed $7.4 trillion worth of transactions, up from $6 trillion in 2021, according to data from CoinMetrics.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The stablecoin market is currently dominated by Tether, by far the largest and most liquid of the dollar-pegged tokens, followed by Circle\u2019s USDC.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Back in August, PayPal also\u00a0<\/span><span data-preserver-spaces=\"true\">announced<\/span><span data-preserver-spaces=\"true\">\u00a0that it is rolling out its PYUSD stablecoin soon.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/stablecoins-see-positive-supply-growth-for-first-time-in-more-than-a-year-glassnode-data.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Unsplash Money is flowing into the crypto market through stablecoins, marking the first positive supply growth in over a year.\u00a0 According to\u00a0blockchain analytics firm Glassnode, the 90-day net change in the supply of the top four stablecoins, Tether ( USDT), USD Coin ( USDC), Binance USD (BUSD), and Dai (DAI), has turned noticeably positive, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stablecoins See Positive Supply Growth For First Time in More Than a Year: Glassnode Data | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Unsplash Money is flowing into the crypto market through 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