Tether staplecoin volume rises to $60 billion

The current correction in the cryptocurrency market has been accompanied by an increase in investor interest in staplecoins. For example, for the first time in history, the volume of Tether staplecoin rose to $60 billion. These staplecoins are the largest in the market for such assets, with their volume increasing by more than $52 billion over the past 12 months. And in 2021, there was an average of $10 billion worth of such digital assets every month.

Earlier this May, the company behind Tether filed a report that revealed for the first time the composition of its reserves. The overall conclusion is as follows: Tether staplecoin, whose stablecoin exchange rate is maintained at 1:1 parity with the U.S. dollar, does not have full reserves of such digital assets in the form of U.S. dollars in its bank accounts. Some experts see some financial risks in this, although their opponents point out that partial reserving of some financial instruments is not unusual for the financial industry.

Что происходит с Tether и как разобраться в стейблкоинах

Be that as it may, Tether is now the third most capitalized, trailing only bitcoin and Ethereum. The increase in Tether issuance can be seen as a sign that despite the outflow of funds from cryptocurrency exchanges, investors are accumulating resources to buy digital assets. Recall that the market is experiencing high volatility right now: on Sunday, May 23, bitcoin fell to $31,132, and on May 25 it rose to $39,000, entering May 26 at $38,100.

Over the past seven days, a total of $8 billion worth of various types of Stablecoin have been issued. Curiously enough, Circle, which issues USDC staplecoins, has not yet provided audited data on the dollar reserves for such of its digital assets. Meanwhile, on May 23, USDC came in at number 8 in terms of capitalization, their volume has increased fivefold since the beginning of this year, and in the last two days there has been an additional one billion dollars of such digital assets issued.

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Roman Mikhailov
Articles: 189

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