USDT and USDC Supply Increases by Nearly $3 Billion

Bittime - USDT and USDC supply increased by nearly $3 billion in the past week, reflecting investor confidence in stablecoins amid crypto market volatility.

USDT and USDC Supply Increases by Nearly $3 Billion

On-chain data shows that since last Monday, Tether has moved $1.3 billion worth of USDT to market makers and exchanges. This increase marked a major increase in supply and pushed USDT's market capitalization to a new record high, over $115 billion. 

Meanwhile, the second largest stablecoin, USDC, saw a significant increase. USDC's market value increased by about $1.6 billion to reach $34.5 billion in the same week, according to data from TradingView.

Increased Deposits on the Exchange

Additionally, according to DefiLlama data, in the four days following Monday's price drop, USDT deposits to Binance exceeded $1.5 billion. USDC deposits also surged, reaching more than $820 million. 

Read Also: Cardano Prepares to Implement Chang Hard Fork

What Does This Mean for Crypto Markets?

With the market capitalization continuing to increase, the supply of USDT and USDC is increasing, showing investors' confidence in stablecoins as a fairly safe asset amidst the volatility of the crypto market.

Conclusion

In the past week, the supply of stablecoins, primarily USDT and USDC, increased by nearly $3 billion. This increase shows the important role of stablecoins as stable assets that many market players rely on, and the significant increase in market capitalization and deposits on exchanges such as Binance.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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