After Bitcoin fell below $59,000 on Tuesday, it has continued to challenge over the past few days to stabilize above $62,000. Unfortunately, the gains have been unsustainable and it is still fluctuating between $61,000 and $62,000.
Investors are paying close attention to whether BTC can successfully break through. The following dynamic area will take you to observe an important indicator "the growth of stable coins" and let's see if there is incremental funds in the market?
USDT issuance has stalled
According to the latest report from cryptocurrency custodian Copper, USDT supply growth has almost stagnated as of earlier this week, increasing by less than 1.5% this month compared with more than 5% increases in April and May. Fadi Aboualfa, Copper’s Head of Research explains:
This reflects the reduced liquidity flowing into the cryptocurrency market as Bitcoin and Ethereum face downward pressure, making it unlikely that other Altcoin will rebound significantly in the short term.
According to Messari data , USDT’s trading volume has continued to decline in recent months since its high of $137.5 billion in early March. Yesterday’s trading volume was only $28 billion, while the total supply currently remains at around $112.7 billion. .
As for USDC, the second largest stablecoin by market value, the current total supply is approximately US$32.874 billion, an increase of only 1% compared to the beginning of the month.
Therefore, judging from the current capital flow in the market, whether the cryptocurrency market can continue to break through is not supported by particularly good data, and it remains to be seen.
Ton on USDT breaks through 500 million mg despite headwinds
However, it is worth noting that while the inflow of funds is slowing down, the USDT circulation on the public chain Ton (The Open Network) has bucked the trend and exceeded US$500 million, becoming the fastest growing public chain in history.
DeFiLlama data shows that 549 million USDT have been circulated on the TON network, surpassing Near and Sui, and approaching Solana's 770 million USDT, becoming the ninth largest USDT circulating public chain. The Ton community Telegram channel posted :
In just two months, the net circulation of USDT on TON has exceeded $500 million. This is the fastest growth in Tether’s history.
It’s no surprise that demand for USDT on TON has skyrocketed. Being able to send digital dollars to anyone, anywhere as easily as sending a text message is a practical and real-world use case that makes USDt-TON stand out.
As for why it can grow so fast? A large part of the reason is probably because the foundation previously provided a large number of discounts to celebrate USDT's support of the TON chain. On the other hand, it is related to the recent good news about TON and the continued vigorous development of the ecosystem.
