Demand for the largest stablecoin by market cap, tether (USDT), has hit a new record. This was stated by Glassnode analysts in their weekly digest. So, in just a week, USDT supply increased by $ 1.48 billion (+ 3%).
The recent influx of stablecoins has pushed the stablecoin supply ratio (SSR) down to 13.4. As a result, the indicator approached the historical minimum, recorded at around 9.6. It should be noted that the coefficient SSR remained consistently low throughout 2020 and 2021.
Low SSR values indicate that the global supply of stablecoins is increasing relative to the market cap of Bitcoin. At the same time, an increase in the number stablecoins in circulation speaks of an increase in purchasing power, emphasize in Glassnode.
However, the growth in the number of USDT coins has not yet helped bitcoin much with a return to historical highs. At the time of this writing, the price of BTC in the BTC / USDT pair is $ 55,917. However, the inflow of USDT was supported by ether (ETH). The price of the second largest cryptocurrency by capitalization is rallying, breaking records. The maximum for ETH in the ETH / USDT pair is fixed at $ 3527 (Binance).
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