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The circulating supply of the four major stablecoins has hit a new high, and the price of Bitcoin will rebound



The circulating supply of the four major stablecoins has surged to an all-time high, suggesting that buyers may soon push the bitcoin and cryptocurrency markets higher again.

The combined market capitalization of Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) surged almost 190% to $78 billion from $27 billion at the start of the year.

Ernst & Young, one of the "Big Four", debuted its new product "Ernst & Young Blockchain Audit Platform" at the CIIE: Jinse Finance reported that on November 7, at the site of the new product release event of the 4th China International Import Expo, Ernst & Young launched a new product for the first time in China "Ernst & Young Blockchain Audit Platform" identifies the key risk information of the blockchain for users, and is committed to building the trust of users in the ecosystem. Through static and dynamic code analysis methods, hundreds of tests are automatically run to complete the bottom layer Technical and smart contract testing and verification, providing evaluation results that are both technical and easy to understand with descriptions and examples. The platform is committed to evaluating and testing the performance and security of smart contracts with technical methods, helping users build trust, improving product transparency, and reducing the risk of enterprise transformation. [2021/11/7 6:37:09]

In the chain weekly report on May 3, Glassnode, an on-chain analysis provider, pointed out that Tether is firmly in the leading position in the stablecoin field, and its market value accounts for two-thirds of the total market value of the four major stablecoins. USDT’s minted supply increased by $1.48 billion (3%) in just seven days, reaching an all-time high of $51.78 billion over the weekend.

Golden Quick Review Four reasons lead to the lackluster voting of EOS super node election: Before the EOS super node election, the campaign team from China was quite loud, but the EOS super node voting has been going on for two full days, and the Chinese teams once had a mediocre record . On the evening of June 11 (the first day of voting), EOSflytomars suddenly broke into the top 3, and EOS cannon, EOS Gravity, EOS Beijing, EOS Store, HuobiPool, HelloEOS, EOS Asia and other Chinese nodes ranked in the top 30. Early this morning, no Chinese team appeared in the top ten EOS super node elections, but according to the data monitoring of Jinse Finance at 15:50, EOS cannon and EOS Gravity have already ranked 5th and 6th in China, advancing Among the top 30 teams, 8 teams are from China.

Although the current situation of the Chinese teams is improving, the overall voting situation of EOS is not optimistic - the total voting rate of 6.53% obviously makes this voting ceremony a bit dull. There are four reasons: First, users must face a more complicated process if they want to participate in voting. It is obviously difficult for novice users to vote smoothly; second, users who participate in voting have to lock their EOS. Today, when the market is volatile, many users will give up voting because they don’t want to be locked up; again, there are still many EOS holders who want to participate in voting and are waiting for exchanges and cryptocurrency wallets to open voting channels, although imToken announced on June 12 that it officially supports EOS wallets and EOS super node voting, but the channels for supporting voting are still very limited; in the end, many large ticket holders may also be in a wait-and-see state, and it is not uncommon to vote after the situation is clear possible. [2018/6/13]

The supply of USDC has also increased by about $1 billion in the past week, with a current market cap of $14.6 billion, according to data from CoinGecko. On April 30, the USDC market capitalization briefly touched a peak of $15 billion.

The world's four major automakers set up a blockchain alliance: The world's four major automakers, including BMW, Ford, General Motors and Renault, announced their participation in the "Mobile Open Blockchain Initiative", which will become the largest ever An alliance focused on the application of blockchain technology in the automotive field. In addition, auto parts manufacturers Bosch and ZF, as well as large companies Accenture, IBM, and blockchain companies ConsenSys and Hyperledger have also announced their participation. [2018/5/2]

On May 3, BUSD’s circulating supply hit a record $7.8 billion, while DAI’s circulating supply hit a record $3.9 billion as of this writing.

With the surge in supply of the four major stablecoins, Glassnode pointed out that the Bitcoin stablecoin supply ratio (SSR) is at a year-to-date low of 13.4 and is approaching its all-time low of 9.6. An indicator of supply.

Bitcoin Stablecoin Supply Ratio: Glassnode

As can be seen from the chart, SSR has been at a low level during 2020 and 2021 as the stablecoin supply is directly proportional to the increase in the price of Bitcoin.

According to Glassnode, the drop in SSR value is a bullish sign that the global stablecoin supply has become larger relative to Bitcoin’s market cap:

Aave’s liquidity mining incentive program launched on April 27 will also boost stablecoin demand, as most of the rewards are for staking USDT, USDC, and DAI. DeFi investors have observed that Aave’s liquidity mining has had a direct impact on stablecoin borrowing volumes. Stablecoin borrowing has more than doubled since the end of April.


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The circulating supply of the four major stablecoins has hit a new high, and the price of Bitcoin will rebound

The circulating supply of the four major stablecoins has surged to an all-time high.

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The article is contributed by Biquan Beiming, the columnist of Jinse Finance and Economics, and his remarks only represent his personal views.