The market value of stablecoins is considered to be the currency supply in the cryptocurrency market. Over the past two months, the market value of stablecoins has increased by nearly 3.36%, adding approximately $5.6 billion. The largest stablecoin issuer, Tether, has also been observed to have issued an additional 1 billion USDT on the Ethereum network.
In the cryptocurrency market, the growth of stablecoin market value is similar to the increase in currency supply in the traditional financial system. The increase in stablecoin market value means more funds flowing into the cryptocurrency market, providing additional liquidity and contributing to trading activities on various chains. In simple terms, the market value of stablecoins is one of the key catalysts for the start of a bull market.
According to monitoring data from Whale Alert, Tether, the largest stablecoin issuer, issued an additional 1 billion USDT on the Ethereum network yesterday (25th). In response to this, the technical director also replied on X, stating:
It is worth noting that according to DeFiliama data, the total market value of stablecoins currently stands at $125 billion, with USDT accounting for 72.78% at $91.2 billion. Looking back over the past month, the market value of USDT has increased by 2.83%, indicating growth.
If we look at the overall market value of stablecoins, there has been a reversal in stablecoin supply since mid-October, with a growth of nearly 3.36% and an increase of approximately $5.6 billion over the past two and a half months (Note: There is a slight discrepancy between Glassnode and DeFiliama data, but both show a growing trend).
Overflow to DeFi protocols and public chains’ total locked value
In the past, stablecoins have usually led the way in the DeFi field. With the influx of stablecoins into the market, the total locked value of DeFi protocols and public chains has also increased.
According to data from DeFiLlama, the total locked value in DeFi protocols on various chains was less than $36 billion in mid-October this year, compared to the peak of $178 billion in November 2021, which is a decrease of nearly 80%. However, with the main driving force of Ethereum, the total locked value of DeFi on various chains has now returned to $53.4 billion, showing an increase of 48% since mid-October.
There is also significant growth in public chain races. Sui has continued to grow after reaching a total locked value of $100 million last month, and it has now exceeded $200 million. In addition, the total locked value of Layer2 Blast has also reached a new high.
According to data from DeBank, the total locked value of assets in Blast’s contract address has exceeded $1 billion, with most of the assets including $920 million worth of ETH deposited in the Lido protocol, and over 100 million DAI deposited in MakerDAO.
Related Reports:
– Sun Yuchen: TRON will never be “defeated by the text” and welcomes pressure testing; the community satirizes that the lamp needs to run fast.
– Avalanche network crowded by the text: Binance suspends deposits and withdrawals, Avalanche official wallet disconnected, is ASC-20 project Dino causing trouble?
– Commentary: The token “retaliatory wealth” of the text, can it continue for another two weeks?
Tags: Blast, Sui, Tether, USDT