BTC Rally Is Predicted As Stablecoins Supply Records All-Time High

In the last few months, the supply of the four major stable coins has increased and broken the previous all-time high record. This thing suggests that the Cryptocurrency market and especially the users of Bitcoin have increased in the last few years.

The first few months of the year 2021, see a huge surge in the combined market capitalization of these cryptocurrencies like Tether (USDT), Binance (BUSD), USD Coin (USDC), and Dai (DAI). The revenue has increased at a rate of 190% and it reaches 78 billion USD from 27 billion USD.

According to the On-Chain Report published by Glassnode in the Week on the 3rd May, 2021 confirmed that Tether is positioned on the top of the stable token sector. The minted supply of Tether has increased 3% in the period of the last 7 days. It increased by almost 1.5 billion USD and reached the 51.78 billion USD mark.

On the other hand USD coin supply has also seen significant growth of 1 billion USD in the last week. Now the current capitalization of USDC is $14.5 billion. This information is published by CoinGecko which also mentioned that on 30th April 2021 the USDC touched the $15 billion mark momentarily. Other than that, BUSD recorded the supply of 7.8 billion USD and DAI’s recorded supply was 3.9 billion USD on 3rd May 2021.

As the supply is increasing exponentially, the Glassnode report also mentioned that Bitcoin’s Stablecoin supply ratio is sitting at an all-time low this year at 13.4. It is predicted that it will go lower and will reach 9.6 in the upcoming months.

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