The cryptocurrency market has been anxiously waiting for the reversal of the overall bearish trend. However, on the other hand, stablecoins have made a profit, and more and more stablecoins have recently been regarded as an accumulated asset. In fact, the latest Coin Metrics report shows an increase in the issuance of these stablecoins, adding that they appear to be selling at a premium, and that premium does not seem to make sense.
The report also noted that during the crypto market turmoil on March 12, their pegged exchange rate to the US dollar remained stable. Although most stable currencies other than Dai have maintained a pegged exchange rate close to $ 1, this exchange rate change has increased slightly since March 12.
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Source: Coin Metrics
The price of the stablecoin and its bid-ask spread also seem to have entered a range of volatility.
The stablecoins commonly used in exchanges include USDT and USDC. In addition, according to Token Analyst's Ankit Chiplunkar, the stablecoin balance on the exchange also exceeded $ 1 billion.
Source: Token Analyst
The exchange holds $ 1 billion worth of stablecoins, a sign that traders are hoarding stablecoins in order to make a dip in due time. Binance has been the holder of most stablecoins, followed by other exchanges such as Poloniex, KuCoin, Bittrex and Bitfinex.
Since March 1, the market value of Binance's stablecoin BUSD has also increased from US $ 68 million to US $ 181 million, a threefold increase. In addition, the market value of Huobi USD [HUSD] also doubled, from $ 78 million to $ 136 million. However, in terms of market capitalization, Tether [USDT] exceeds all stablecoins. Skew reported on March 31 that Tether's stablecoin market value has surged to more than $ 6 billion.
In fact, since March 1, Tether [USDT-ETH] issued on the Ethereum blockchain has accounted for 1.4 billion U.S. dollars, while the market value of Tether [USDT-TRX] issued on the TRON blockchain has increased About $ 165 million, while Tether's market value on Omni remained stable. As of press time, Tether's total market capitalization was $ 6.4 billion.