The cyclical supply of the four largest stablecoins in the crypto sector is reported to have reached a new all -time high (ATH), indicating investors will ‘hit’ this market in the near future.
Beginning in 2021, the market value of Tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) jumped nearly 190% from $ 27 billion to close to $ 78 billion.
In a report by Glassnode shows Tether remains dominating the stablecoin market, representing 2-3 of the total market value of the four major stablecoins.
At the same time, the amount of USDT that has been mined has also reached an all -time high (ATH), $ 51.78 billion last weekend after jumping 3% in 7 days.
While the supply of USDC also increased by about $ 1 billion last week with its market value at a record $ 14.5 billion.
Today, BUSD recorded cyclical supply at a record $ 7.8 billion. Not to forget DAI supply also reached ATH, $ 3.9 billion.
Based on the rising record, Glassnode also stressed the Stablecoin Supply Ratio (SSR) for Bitcoin is currently at a year-to-date (YTD) low of 13.4 and is seen approaching an all-time low of 9.6.
SSR’s record also recorded record lows for two consecutive years for 2020 and 2021 as the supply of stablecoin increased in line with Bitcoin’s bullish trend.
This indirectly indicates that the bullish on this market is coming soon.
