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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) Experienced Significant Supply Reduction This February: Research

  • Alex Morris
    📊‍ Infographics

    Tether (USDT) and Dai (DAI) are the only major stablecoins whose circulating supply remained unchanged throughout February

USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) Experienced Significant Supply Reduction This February: Research
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Stablecoins were one of the biggest crypto trends of 2018, but a recently published Diar study shows that might not be the case this year. USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) all saw their outstanding supply decreasing this February.

The stablecoin market hits a snag  

Overall, the aforementioned cryptocurrencies had a 10 percent net decrease in market capitalization. USD Coin (USDC) is the biggest stablecoin from the pack, currently occupying 23rd place on CMC with a market cap of $247 mln. The circulating supply of Circle’s coin was standing at almost $300 mln at the beginning of February, but now it’s at $244 mln.  

👉MUST READ Stablecoin Boom Continues With World’s First Pound-Pegged Cryptocurrency


Nevertheless, the stablecoin ecosystem is getting even more crowded with JPMorgan recently launching JPM Coin, a new dollar-pegged cryptocurrency.        

Tether remains unbothered

Notably, the circulating supply of Tether (USDT), the flagship stablecoin, remains practically unchanged. USDT, despite its numerous controversies, was recently praised by Michael Gronager, the CEO of Chainalysis. Dai (DAI), an Ethereum-collateralized cryptocurrency, also didn’t experience supply reduction.

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Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March

  • Alex Morris
    📊‍ Infographics

    Tether (USDT), despite numerous controversies surrounding the project, saw its volumes skyrocketing in March, which is a good indicator that stablecoins are alive and thriving. At the same time, Bitcoin (BTC) trading almost reached its yearly high, but the recent Bitwise report spoiled the celebration

Bitcoin (BTC) and Tether (USDT) Saw Their Trading Volumes Surge in March
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Tether (USDT), the flagship stablecoin, registered record-breaking trading volumes in March. While Bitcoin (BTC) experienced the same surge in trading, it’s not necessarily good news after the explosive Bitwise report.     

👉MUST READ Tether Ceding Ground to Competitors as Stablecoin Wars Pick Up Steam: Research

A historic record

On March 10, Tether’s trading volumes recorded a new historic maximum of $10 bln. The controversial dollar-pegged stablecoin, which many believe doesn’t have enough fiat reserves to back its token, saw this trend continuing throughout the whole month.   

March was also quite a success for Bitcoin – the number one cryptocurrency returned to its April numbers in terms of trading volumes with $11 bln. At the time, the BTC price was sitting at $9,750.

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Trading volumes hoax

Most probably, the study doesn’t take into account the most recent findings in the Bitwise Management report, which suggests that up to 95 percent of the total Bitcoin trading volume is artificially created by fraudulent exchanges. Earlier, U.Today also revealed what mechanisms different exchanges use to inflate their numbers.

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