hey Russell. definitely echo the comments of look beyond USDT, USDC has grown alot, UST is now growing very fast (leading the algorithmic stablecoin space), as are the EUR stablecoins - since the industry knows SEC et al has USDT in their sights for obliteration. Interesting SI has dropped, since the massive consensus view was for a December rally to the moon across digital assets.
hey Russell. definitely echo the comments of look beyond USDT, USDC has grown alot, UST is now growing very fast (leading the algorithmic stablecoin space), as are the EUR stablecoins - since the industry knows SEC et al has USDT in their sights for obliteration. Interesting SI has dropped, since the massive consensus view was for a December rally to the moon across digital assets.
Good point - but I wonder why tether market cap has not fallen? It would seen very easy to switch to a stablecoin with less legal issues... It also makes the lackluster performance of bitcoin harder to understand, if liquidity across all stablecoins has risen significantly
USDT is still the preferred cross on many exchanges and dealer desks, you get a sense of this looking at its velocity versus other stablecoins. As money flows into crypto, USDT prevalence secures demand (its not clear that significant money is leaving the asset class yet). Liquidations over Nov especially, also Dec explain some of the BTC performance. Probably also good to look at total crypto market cap as BTC is considered the low beta digital asset now.
hey Russell. definitely echo the comments of look beyond USDT, USDC has grown alot, UST is now growing very fast (leading the algorithmic stablecoin space), as are the EUR stablecoins - since the industry knows SEC et al has USDT in their sights for obliteration. Interesting SI has dropped, since the massive consensus view was for a December rally to the moon across digital assets.
Good point - but I wonder why tether market cap has not fallen? It would seen very easy to switch to a stablecoin with less legal issues... It also makes the lackluster performance of bitcoin harder to understand, if liquidity across all stablecoins has risen significantly
USDT is still the preferred cross on many exchanges and dealer desks, you get a sense of this looking at its velocity versus other stablecoins. As money flows into crypto, USDT prevalence secures demand (its not clear that significant money is leaving the asset class yet). Liquidations over Nov especially, also Dec explain some of the BTC performance. Probably also good to look at total crypto market cap as BTC is considered the low beta digital asset now.