Amid renewed bullish action on cryptocurrency markets, stablecoins like Tether (USDT) are flooding exchanges to hit a new historical high in terms of allocation.
According to market data provider CryptoQuant, stablecoin holdings on global crypto exchanges broke a new all-time high on Jan. 28, surpassing $4.7 billion.
This amount makes up a significant part of the total stablecoin market capitalization, which is estimated at around $35.2 billion at the time of writing, according to data from CoinGecko. The total trading volume of all stablecoins is now evaluated at around $111 billion, with Tether (USDT) alone making up $103 billion of these volumes.
Alongside stablecoins’ holdings on crypto exchanges hitting a new all-time high, the amount of inflow stablecoin transactions also appears to be growing at the time of writing. On Jan. 28, the number of inflow stablecoin transactions amounted to nearly 33,000 transactions, up from 30,000 transactions on Jan. 27.
Massive stablecoin inflows are often regarded as aTitle: Stablecoin holdings on crypto exchanges hit a new all-time high
Sourced From: cointelegraph.com/news/stablecoin-holdings-on-crypto-exchanges-hit-a-new-all-time-high
Published Date: Fri, 29 Jan 2021 08:46:55 +0000