Analytics / Forex and Crypto News
As reported by the Block, in February 2021, total stablecoin trading volume reached a new high. Previous month investors made deals with stablecoins $360 billion worth.
Tether (USDT) continues to be the leader among stablecoins. 63,5% of the total volume of transactions with the participation of stablecoins controls Tether. In February, USDT transactions reached $232 billion worth. Due to high trading volume, USDT capitalization grew to $35,048 billion.
The second most popular stablecoin is USD Coin (USDC). It provides 18,7% of the total stablecoin trading volume. This gives it the opportunity to have a capitalization of $8,835 billion. DAI closes the TOP-3 leaders rating, which accounts for up to 9,6% of the total trade turnover.
According to the Unfolded report, the total stablecoin market supply exceeded $50 billion for the first time.
Stablecoins are known to be the main intermediary between fiat currencies and cryptocurrencies. For example, in the Asian region, it is USDT that is used by investors to enter the crypto sphere and buy the largest cryptocurrency.
Analysts believe that the increase in the trading volume of stablecoins speaks of preparations for the next phase of capital inflows into the cryptocurrency market. This could serve as a bullish signal for Bitcoin.
At the time of publication, the BTC/USD pair is trading at around $48000. In the third decade of February, the price of Bitcoin began a correction after it reached a maximum of $58000.