Tether recently minted another 2 billion USDT on Ethereum and Tron networks, marking a significant liquidity boost.
Over the past eight days, Tether has created a total of 8 billion USDT, with 6.067 billion of these funds actively injected into the crypto market. This influx of capital has been instrumental in driving Bitcoin’s price above $93,000—a historic new all-time high.
Tether minted another 2B $USDT on #Ethereum and #Tron an hour ago!
In the past 8 days, Tether has minted a total of 8B $USDT. Of these funds, 6.067B $USDT has been injected into the crypto market, backing #Bitcoin to rise above $93,000—a new all-time high.
Follow @spotonchain… https://t.co/hsdqBkU9y4 pic.twitter.com/oYqIMhoufR
— Spot On Chain (@spotonchain) November 14, 2024
Total Market Cap Of Stablecoin Hits New High Since May 2022
For the first time since May 2022, the total market capitalization of stablecoins has surpassed $180 billion, an $8.5 billion increase since the beginning of November. Stablecoins, primarily backed by cash or equivalent reserves, serve as a proxy for external cash flow into the crypto market. Excluding algorithmic stablecoins, non-algorithmic stablecoins have now reached their highest supply levels on record, underscoring the current market optimism.
Capital is rushing back into crypto.
Total stablecoin market cap has crossed $180B for the first time since May 2022.
This is an increase of $8.5B from the start of November.
Since stablecoins are mostly backed by cash or cash equivalents, total stablecoin supply is a proxy… pic.twitter.com/vL9BmAOoPn
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 14, 2024
The pace of capital inflows this past week ranks among the highest in crypto history. Additionally, the steady rise in inflows from exchange-traded funds (ETFs) points to more capital entering the ecosystem from traditional financial sectors, reinforcing the bullish sentiment across the market.
This increased demand for stablecoins highlights the crucial role they play in bridging traditional finance with the crypto space, providing liquidity and stability amid market volatility. With non-algorithmic stablecoins at record supply levels and a growing stablecoin market cap, the crypto market is positioned for sustained growth, bolstered by continuous capital inflows and heightened investor interest. The alignment of these factors signals a strong outlook for continued expansion in the crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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