Total supply of stablecoins decreased for the first time in history
Analysts also noted a surge in the exchange of stablecoins for fiat money because of concerns about the insolvency of the issuers
16.06.2022 - 12:25
738
2 min
0
What’s new? According to the CoinMetrics analytics platform, the total supply of stablecoins declined sharply in the second quarter of 2022. This is the first time in history that this figure has decreased. Meanwhile, according to CoinMetrics head of research and development Lucas Nuzzi, stablecoin exchanges for fiat also surged due to “a thirst for short-term liquidity and concerns about [issuers'] insolvency that were not present during the panic of 2020.”
22Q2 is the first time in the history of stablecoins where Total Supply decreased. Even if we exclude UST, over 10B has been redeemed *directly from the treasuries* of major issuersSome @coinmetrics data 👇 pic.twitter.com/AcCKx4Qp4z— Lucas Nuzzi (@LucasNuzzi) June 15, 2022
Which coins' supply has declined? Analysts included DAI, USDT, OMNI, USDD, SAI, USDK and PAX. The TerraUSD Project algorithmic stablecoin (UST) was not included. Nuzzi noted that among centralized stablecoins, Tether (USDT) suffered the most, down about $7 billion.
Another project that was hit hard was MakerDAO's DAI. Nearly 40% of DAI was taken out of circulation in the largest liquidation in the project's history.
On June 14, traders deposited 59 376 bitcoins ($1,26 billion at June 16 exchange rates, according to Binance) on cryptocurrency exchanges. This is the maximum inflow of BTC to the platforms since November 30, 2018.
Useful material?
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024