• The stablecoin influx was not entirely driven by crypto market’s rally on 21 June.
• Binance.US asked its users to convert their USD holdings to stablecoins.  

After witnessing a large exodus from centralized exchanges (CEXs) over the last month, stablecoins made a comeback. According to a tweet by on-chain research firm Unlocks Calendar, the number of stablecoins getting transferred on to exchanges surged considerably in the last few days.

Realistic or not, here’s USDT’s market cap in BTC’s terms

Demand for stablecoins shoots up

Typically, a high influx of stablecoins indicates buying pressure. This is simply because they remain the primary way for traders on non-fiat crypto exchanges to enter and exit trades. Most novice investors prefer to convert their fiat currencies to U.S. dollar-pegged stablecoins like USD Coin [USDC], and Tether [USDT] before opening their positions.

The crypto market got a fresh lease of life after bellwether Bitcoin [BTC] rallied to 30,000, persuading many long-term investors to lock in gains after weeks of HODLing.

However, Glassnode revealed that 21 June’s surge did not solely cause the increase. Rather, the supply has been slowly expanding over a two-week period.

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Author: Suzuki Shillsalot

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