Circulating Supply of USDT, USDC, BUSD, and DAI Spikes to New ATH
Since the beginning of the year, the combined market capitalization of the four largest stablecoins such as Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) have surged to all-time highs to 190% from $27 billion to $78 billion.
Circulating Supply of USDT, USDC, BUSD, and DAI Hits ATH
The combined circulating supply of Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) stablecoins has surged to new all-time highs.
Data analytics provider, Glassnode’s latest report indicates that Tether (USDT) is currently leading the stablecoin market, representing two-thirds of the top four stablecoin’s combined market capitalization.
By the end of last week, the total minted supply of Tether hit an all-time high of $51.78 billion, after increasing by $1.48 billion or 3% in just a week.
Over the past week, the supply of USDC has also increased by roughly $1 billion, with its capitalization currently sitting at $14.5 billion.
Meanwhile, on May 3, Binance’s BUSD’s circulating supply hit a record of $7.8 billion, while DAI’s stabelcoin’s supply currently at an all-time high of $3.9 billion.
With such an increased supply of the four largest stablecoins, this only indicates a strong rally might be on the cards for the entire crypto markets.
For instance, the report highlights that Bitcoin’s Stablecoin Supply Ratio (SSR) (Bitcoin supply divided by the stablecoin supply) is at a year-to-date low of 13.4 and approaching its all-time-low of 9.6.
A decreasing SSR value indicates a bullish signal that the global stablecoin supply is larger concerning the limited supply of Bitcoin’s market cap.
CME Group Launches Micro Bitcoin Futures
Chicago-based CME Group launched micro Bitcoin futures, a smaller-size version of its existing Bitcoin derivatives contract. As of yet, the product will be made available only in the United States.
These contracts will be 1/10th of the size of a Bitcoin and likely widen the existing client base of the CME exchange, concerning the increased demand of crypto derivatives.
Similar to the CME’s older Bitcoin futures, the micro contract is based on the same underlying reference index and will be settled in cash.
CME first launched its Bitcoin derivatives back in December 2017, when Bitcoin first touched its all-time high of $20,000.