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Wednesday

28 July 2021

Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines


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A closer look at the data provided by CryptoQuant indicates that a seismic shift in the makeup of the stablecoin market may be taking shape as USDT issuance has begun to stagnate while the circulating supply of competitors like USD Coin (USDC) has resumed its uptrend over the past week.

When looking at the exchange inflows and reserves of each individual stablecoin, there has actually been an increase in USDC deposited onto exchanges while the amount of USDT has declined, leading to the plateau seen in total stablecoin reserves held on exchanges.

There was also a spike in the stablecoin inflow transaction count that occurred on May 29, just as the stablecoin supply was peaking, which was followed by a brief increase in the price of BTC to $40,000 before another wave of selling dropped the price back below $34,000 and stomped out any building momentum.

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cointelegraph.com
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