Data: USDT and USDC Supply Grows by Nearly $3 Billion in One Week
The supply of two major stablecoins, Tether (USDT) and Circle (USDC), has grown by nearly $3 billion in a week, indicating that investors have been buying cryptocurrencies at lower prices after Monday's crash, according to Lookonchain, an on-chain data platform.
Lookonchain noted that Tether has transferred $1.3 billion worth of USDT to exchanges and market makers since Monday. With the latest offering, USDT's market capitalization climbed to a new high of over $115 billion. The market capitalization of USDC, the second-largest stablecoin, also grew by about $1.6 billion this week to $34.5 billion, its highest level since March 2023.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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