The dominant position of USDT stable currency exceeds 60%, which is the first time since June 2021
According to reports, according to the latest data from blockchain analysis company Glassnode, as USDC, DAI, and BUSD continue to hit new lows, as well as the continuous increase in the supply of stable currency for USDT, the current dominant position of USDT has exceeded 60%, the first time since June 2021, and the circulation supply has also exceeded $75 billion.
Interpretation of this information:
The current state of the stablecoin market is currently dominated by USDT, as reported by blockchain analysis company Glassnode. This is due to the continued decrease in values for other stablecoins, such as USDC, DAI, and BUSD. Additionally, the supply of USDT has steadily increased, which has contributed to its dominant position in the market. This is the first time since June 2021 that USDT has exceeded a 60% dominance, and its circulation supply has exceeded $75 billion.
One possible interpretation of this data is that USDT is becoming an increasingly popular stablecoin for investors looking to avoid price volatility. This could be due to a combination of factors, such as the increased adoption of cryptocurrencies by mainstream investors and the current state of global economic uncertainty. As a result, USDT has seen an influx of buyers, causing its circulation supply to increase and its market dominance to grow.
Furthermore, this trend may also suggest that investors are becoming more selective in their use of stablecoins. With a wider variety of stablecoins now available, it appears that investors are choosing to focus on the most reliable and stable options. This could be seen as a sign of maturity in the cryptocurrency market, as investors become more educated and discerning in their choices.
In summary, the data from Glassnode highlights the ongoing dominance of USDT in the stablecoin market. While other stablecoins such as USDC, DAI, and BUSD are seeing decreasing values, USDT’s supply is increasing and its dominance is growing. This may be due to factors such as increased mainstream adoption of cryptocurrencies and a desire among investors for stability in uncertain economic times. The trend may suggest that investors are becoming more discerning and selective in their use of stablecoins, and that the cryptocurrency market is maturing as a result.
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