The Rise and Fall of Stable Currencies: USDT vs. USDC vs. BUSD

04/08/2023 02:40 • AI & Tech Insights • 64 views

According to reports, according to the latest data from blockchain analysis company Glassnode, the supply of USDT has continued to rise since the FTX crash (reaching over $80 billion at the time of writing), currently accounting for 63.7% of stable currency capital. Meanwhile, the second ranked stable currency, USDC, has seen a net redemption of $10 billion (-23%) since it briefly decoupled from the US dollar during the bankruptcy of Silicon Valley Bank last month. Similarly, after the news of Paxos ceasing to issue BUSDs in February spread, many investors redeemed BUSDs or converted them into other assets, resulting in a decrease of -52% in the total supply of BUSDs, falling to the $7 billion range.

Data: USDT accounts for 63.7% of the total capital of stable currency

Introduction

– Explanation of stable currencies
– Importance of stable currencies in the crypto market
– Brief overview of the current state of USDT, USDC and BUSD

USDT: The Dominant Stable Currency

– Overview of USDT’s historical performance
– Recent data on USDT’s increasing supply
– Reasons for USDT’s ongoing success

USDC: From Decoupling to Redemption

– Explanation of Silicon Valley Bank’s impact on USDC
– Net redemption of $10 billion in USDC
– How USDT’s growth has affected USDC’s standing

BUSD: The Bustling Stable Currency

– Brief history of BUSD
– Decrease of -52% in BUSD supply
– Reasons behind the fall of BUSD

The Future of Stable Currencies

– Prospects for USDT, USDC and BUSD
– Changing dynamics in the crypto market
– Impact of regulation on stable currencies

Conclusion

– Recap of the performance of USDT, USDC and BUSD
– Implications for crypto traders and investors
– Final thoughts on stable currencies’ role in the future of crypto

FAQs

1. What makes stable currencies different from other cryptocurrencies?
2. How does the ongoing growth of USDT affect other stable currencies?
3. Are there any other emerging stable currencies to keep an eye on?

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