LianGuai Morning News | The total supply of stablecoins has decreased by more than 10 billion US dollars net this year.

LianGuai Morning News Stablecoin supply down over $10 billion this year.

Headlines

▌ Data: Stablecoin Total Supply Decreased by Over 10 Billion US Dollars This Year

LianGuai reported that according to data disclosed by blockchain analytics company Glassnode, the inflow of funds into Bitcoin and Ethereum, the two mainstream cryptocurrencies, this year amounted to 21.9 billion US dollars and 18 billion US dollars respectively. However, the total supply of stablecoins decreased by 10.4 billion US dollars, mainly due to the redemption of USDC and BUSD. Currently, this trend has stabilized, indicating that market liquidity is more inclined towards Bitcoin and Ethereum rather than stablecoins.

▌USDC Circulating Supply Decreased by 500 Million US Dollars in the Past Week

LianGuai reported that according to official data, as of July 23, Circle issued a total of 1.4 billion US dollars worth of USDC in the past 7 days and redeemed 1.9 billion US dollars worth of USDC, resulting in a decrease in circulating supply of approximately 500 million US dollars. The total circulating supply of USDC is 26.9 billion US dollars, with reserves of 27.1 billion US dollars, including 2.2 billion US dollars in cash and 24.9 billion US dollars in overnight repurchase agreements of US Treasury Bonds. In addition, the 24-hour on-chain trading volume of USDC reached 4 billion US dollars.

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▌The Total Value of NFTs Purchased by Steve Aoki for 1.6 Million US Dollars is Currently Only 33,000 US Dollars

LianGuai reported that according to statistics from crypto KOL Herbie, several NFTs purchased by well-known DJ Steve Aoki have depreciated significantly. The total expenditure was about 1.6 million US dollars, but the current book value has dropped to 33,000 US dollars. The series includes Doodles, 0N1, Cool Cats, Moonbirds, etc. The largest loss comes from his purchase of Doodle #2238 for 862,000 US dollars. The current highest bid for this NFT is 12,000 US dollars, resulting in a book loss of 850,000 US dollars.

▌USDT Market Cap Reaches Historic High, Currently Accounting for 65.9% of the Stablecoin Industry

LianGuai reported that although USDC has dropped to a two-year low, the market cap of USDT has reached a historic high, currently accounting for 65.9% of the stablecoin industry. As of now, the market cap of USDC is 26.852 billion US dollars, and the market cap of USDT is 83.795 billion US dollars.

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Market

As of press time, according to coinmarketcap data:

The recent trading price of BTC is 29,808.7 US dollars, with a daily change of -0.40%;

The recent trading price of ETH is 1,884.95 US dollars, with a daily change of -0.43%;

The recent trading price of BNB is 241.8 US dollars, with a daily change of -0.70%;

The recent trading price of XRP is 0.74885 US dollars, with a daily change of -2.80%;

The recent trading price of DOGE is 0.071068 US dollars, with a daily change of -3.56%;

The recent trading price of ADA is 0.3122 US dollars, with a daily change of -0.30%;

The recent trading price of MATIC is 0.758 US dollars, with a daily change of -1.66%.

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Policies

▌SEC: May appeal the partial ruling on XRP

On July 22, the U.S. Securities and Exchange Commission (SEC) stated that it may appeal the partial ruling made by a federal judge on XRP, believing that the decision does not comply with existing securities laws. Earlier reports stated that in mid-July, the U.S. Southern District of New York federal court ruled on the SEC’s charges against Ripple, stating that XRP, as a digital token, does not itself constitute a “contract, transaction, or plan” required by the Howey test for an investment contract. However, the sale of XRP by Ripple constitutes an unregistered investment contract offer and sale.

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Blockchain Applications

▌Shanghai: Building a batch of application scenarios around blockchain and big model technologies

LianGuai reported that the Shanghai Municipal People’s Government Office issued the “Several Opinions on Promoting the High-Quality Development of Productive Internet Service Platforms in this City.” It proposes to accelerate the integrated application of new technologies. Ge Dongbo, Chief Engineer of the Shanghai Municipal Commission of Economy and Informatization, stated at a government press conference, “Focusing on the characteristics of the platforms, we will build a batch of application scenarios for new technology. We will implement the requirements of the opinions, build a batch of application scenarios in the directions of data circulation, intelligent selection of products, intelligent design, etc. around blockchain and big model technologies, and promote the implementation of these scenarios.”

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Cryptocurrencies

▌Cryptocurrency and Web3 startup Bundle plans to close its exchange business in September

LianGuai reported that cryptocurrency and Web3 startup Bundle revealed that its trading platform plans to close in September 2023. The company will then focus on its peer-to-peer (P2P) payment platform, Cashlink. In a statement, the company stated that with the continuous development of the Web3 and blockchain community, there is a need to focus on payment solutions that meet the ecosystem’s needs, and this is the plan for Cashlink. In addition, the last day for users to withdraw funds is August 30, 2023 (any remaining funds will be automatically converted to USDT), and it is reported that its registration services will also be closed in the near future. (benjamindada)

▌Social media account of Curve Finance claims to have been attacked

LianGuai reported that the social media account of the DeFi protocol Curve Finance claimed that there was an attack on the platform if users need to transfer funds. However, not all funds were exhausted in one go. The Curve Finance account later stated that it had suspended the liquidity pool to ensure that it would not be hacked. It is currently unclear whether Curve Finance’s social media account has been stolen by hackers.

▌The supply of active ETH in the past 7-10 years reaches a historical high

LianGuai Report: According to Glassnode data, the supply of ETH that has been active for 7-10 years recently reached a historical high of 4005.727471 ETH.

▌The number of Bitcoin Lightning Network nodes is 16,409.

LianGuai Report: According to data from 1ML, the current number of Bitcoin Lightning Network nodes is 16,409, an increase of 0.12% in the past 30 days. The number of channels is 69,394, a decrease of 1.5% compared to a month ago. The network capacity is 4,954.54 BTC, a decrease of 9% in a month.

▌Data: NFT transaction volume in the past week exceeded 113 million US dollars, a decrease of 23% compared to the previous week.

On July 23, according to CryptoSlam data, in the past week, approximately 464,900 buyers spent more than 113.5 million US dollars on NFTs, a 23% decrease in NFT transaction volume compared to the previous week. The total NFT transaction volume on the entire network is about 2.2 million transactions, a 1% decrease compared to the previous week. Among them, the transaction volume on the Ethereum chain reached 72.7 million US dollars, ranking first, and the Bitcoin chain ranked second with a transaction volume of 9 million US dollars. The top five in terms of transaction volume are Gods Unchained Cards (4.7 million US dollars), DMarket (4.5 million US dollars), BAYC (4.2 million US dollars), CryptoPunks (4.1 million US dollars), and Uncategorized Ordinals (3.2 million US dollars).

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Important Economic Dynamics

▌OpenAI plans to release the official ChatGPT app for Android next week.

LianGuai Report: OpenAI revealed on July 21 that it plans to launch the Android version of ChatGPT next week. The iOS application of ChatGPT was launched in May this year, and the Android version, which was promised to be released, has now been realized. OpenAI emphasized that the security measures of the Android application have been improved compared to the web version. It will also provide features such as cross-device conversation history synchronization, similar to the existing iOS application.

▌Public offering fund products overall loss of 220.083 billion yuan in the second quarter.

On July 22, according to data from Golden Ten, public offering funds that achieved profits in the first quarter of 2023 suffered heavy losses in the second quarter. Statistical data from Tianxiang Investment Consulting shows that public offering fund products in the second quarter lost a total of 220.083 billion yuan, with equity funds all retreating, and bond funds and money market funds barely “holding up half the sky”. The “seesaw” between equity and fixed-income has reappeared, which can also be seen from the rankings of fund companies and product funds. Bank-affiliated fund companies and money market funds, which are good at fixed income, have taken the lead, while the other end of the list is occupied by leading fund companies and well-known equity products. (China Securities Network) (Golden Ten Data App)

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LianGuai Encyclopedia

▌Cold Storage

This term refers to offline storage of Bitcoin. When the private key of Bitcoin is created and stored in a secure offline environment, cold storage is achieved. Cold storage is important for any Bitcoin holder. Online computers are vulnerable to hackers and should not be used to store large amounts of Bitcoin.

Disclaimer: LianGuai, as a blockchain information platform, provides articles for informational reference only and does not constitute actual investment advice. Please establish the correct investment concept and be sure to raise risk awareness.

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