In this article, we delve deep into the recent surge in stablecoin volume flowing into exchanges, a clear indicator of shifting market dynamics. We take a closer look at the exchange buying power metric, analyzing the 30-day change in the supply of USDT, USDC, BUSD, and DAI, and the implications of these movements. As we've seen a steady increase in exchange buying power since late May, reaching levels recorded in mid-December 2022, there's a particular event in June that provides a surprising insight... Discover what this $4.6 billion increase in exchange buying power signifies for the future of the crypto market...
Stablecoin buying power on exchanges increases as BTC and ETH see outflows Stablecoin buying power on exchanges increases as BTC and ETH see outflows
June brought on a significant increase in stablecoin buying power on exchanges, indicating there could be an increase in buying pressure on the market amid large Bitcoin and Ethereum outflows.
2 min read
Updated: Jun. 28, 2023 at 3:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$1.00102
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Dai
$1.00068
Dai (DAI) is a cryptocurrency token and operates on the Ethereum platform.
USD Coin
$1.00000
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance USD
$1.00149
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Ethereum
$3,372.81
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
