Stablecoins have become a very interesting addition to the world of crypto assets and trading platforms. It now appears that over $1 billion in these currencies can be found across exchanges worldwide.
There isn’t much competition going on between the different stablecoins.
Rising Balances of Stablecoins on Exchanges
Tether’s USDT is still the king of the hill, so to speak.
Other offerings, including BUSD, TUSD, USDC, and others have not even come close to rivaling USDT in terms of market cap.
What is rather interesting, however, is how one of these stablecoins is trying to make a move.
The USDC balance on exchanges has risen sharply over the past few weeks.
This is in conjunction with the amount of USDT on exchanges moving up right along with it.
Given the current Bitcoin and altcoin price fluctuations, that can be interpreted as a bullish sign of sorts.
More liquidity pegged to the US Dollar can indicate that a buying spree is about to take place.
Whether or not that will effectively happen, is a different matter altogether.
The statistics do not indicate that there is more buying of crypto assets across exchanges and trading platforms.
One can only hope that this momentum will pick up sooner rather than later.