On-chain data platform Lookonchain pointed out that the supply of the two major stablecoins Tether (USDT) and Circle (USDC) has increased by nearly $3 billion in a week, indicating that investors have rushed to buy cryptocurrencies at lower prices after Monday's plunge. Lookonchain pointed out that Tether has transferred $1.3 billion worth of USDT to exchanges and market makers since Monday. With the latest issuance, USDT's market value climbed to more than $115 billion, a new high. The market value of the second-largest stablecoin USDC also increased by about $1.6 billion this week to $34.5 billion, the highest level since March 2023.
The supply of USDT and USDC has increased by nearly $3 billion in a week.
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