Stable coins such as Tether (USDT) and USD Coin (USDC) have reached another milestone in stock exchange storage.
According to market data provider CryptoQuant, stocks of stack coins on the worldwide cryptocurrency exchange rose to a full-time high on March 28, exceeding $ 10 billion.
According to CoinGecko, cryptocurrency exchanges currently account for almost 16% of the total market value of all stack coins, with a stack coin market value of $ 63 billion at the time of writing. The total trading volume of all stack coins is estimated at approximately $ 88 billion dollars.
According to CryptoQuant, the stock market’s stable coin holdings have repeatedly reached their full-time high this year, growing more than 100% in two months. As mentioned earlier, steady currency flows are often seen as a short-term indicator of bitcoin (BTC) bullish movement, indicating that margin capital returns in BTC.
In addition to increasing the accumulation of stack coins, several other calculations such as the “All CryptoQuant Stable Coin Ratio” may indicate another bullish move in the cryptocurrency markets. Technical analyst Crypto Seer noted on March 27 that the figure reached its lowest level since November 2020.
“Every time this ratio falls to this point, it means periods of significant growth for the BTC dollar. Here you can see a significant reduction in the supply of currency. “The indicator shows that BTC reserves are divided over all stable foreign exchange reserves on stock exchanges, which indicates potential selling pressure.
The latest milestone in a stable foreign exchange market is that the payment giant Visa officially completes its first settlement transaction in USD on the Ethereum blockchain. USD Coin is the second largest stable currency linked to the US dollar after Tether.
“I can sense the huge adoption of cryptocurrencies here,” said CryptoQuant CEO Ki Yang from Visa’s transfer to the USDC.
According to CryptoQuant, USDC’s assets on cryptocurrency exchanges currently exceed $ 2.2 billion dollars and their market value is around $ 11 billion.