The market value fluctuation of stablecoins is considered to be the currency supply of the cryptocurrency market. In the past two months, the market value of stablecoins has grown by nearly 3.36%, increasing by approximately $5.6 billion. The largest stablecoin issuer, Tether, has also been observed to issue an additional 1 billion USDT on the Ethereum network.
In the cryptocurrency market, the growth in market value of stablecoins is similar to the increase in currency supply in traditional financial systems. The increase in market value of stablecoins means more funds flowing into the cryptocurrency market. This not only provides additional liquidity but also contributes to trading activities on various chains. In simple terms, the market value of stablecoins is one of the important catalysts for the start of a bull market.
Tether issued an additional 1 billion USDT on the Ethereum network, as monitored by @whale_alert. In response to this, the CTO also replied on X saying:
It is worth noting that according to DeFiliama data, the overall market value of stablecoins is currently at $125 billion, with USDT accounting for 72.78%, reaching $91.2 billion. Looking back at the past month, the market value of USDT has increased by 2.83%, showing signs of growth.
If we observe the overall market value of stablecoins, the supply of stablecoins experienced a turnaround in mid-October, with a growth of nearly 3.36% and an increase of approximately $5.6 billion in the past two and a half months (Note: There is a slight discrepancy between Glassnode and DeFiliama data, but they both show a growing trend).
The overflow into DeFi protocols and public chains
In the past, stablecoins usually led the way in the DeFi field. With the influx of stablecoins into the market, the total locked value in DeFi protocols and public chains also increased.
According to DefiLlama data, the total locked value in DeFi protocols on various chains was less than $36 billion in mid-October this year, compared to a peak of $178 billion in November 2021, a decrease of nearly 80%. However, with the main drive of Ethereum, as of now, the total locked value in DeFi on various chains has returned to $53.4 billion, an increase of 48% from mid-October.
There is also a significant growth trend in the public chain sector. Sui has continued to grow after reaching a total locked value of $100 million last month, and it has now exceeded $200 million. In addition, the total locked value of Layer2 Blast has also reached a new high.
According to DeBank data, the total locked value of assets in the Blast contract address has exceeded $1 billion, with the majority of assets including $920 million worth of ETH deposited in the Lido protocol and over 100 million DAI deposited in MakerDAO.
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Tags:
Blast, Sui, Tether, USDT