Tether supply halted as bitcoin price falls

June 21, 2021


Tether supply halted as bitcoin price falls

Tether (USDT) supply remains at $64.4bn from 2-21 June, a dynamic that reflects the lack of customer demand for the stablcoin.

In an interview with The Block, Tether CTO Paolo Ardoino said that the current situation is due to declining open interest in the bitcoin futures market.

USDT is the main staple on most derivatives exchanges, he added.

The publication reports that after peaking above $20 billion in mid-May, the volume of open positions had fallen to $13 billion by June 18. The drop came as the bitcoin price rolled back from a record high near $65,000 in mid-April to the current $34,000.

Ardoino recalled that the issuance of staplecoins is in line with emerging market conditions, and demand for them often reflects the ups and downs in the bitcoin price.

According to Messari, at the time of writing, Stablecoin has a capitalisation of $106.4bn, with USDT accounting for 60.4% of the total market supply. USD Coin (USDC) increased from 21.8% to 22.9% from 2 to 21 June.

Recall that USDC capitalization surpassed $20bn on May 24.

On May 26, the total capitalization of Stablecoin passed the $100bn mark.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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