<p>In 2024, stablecoin has surged to new heights, with nearly $30 billion minted so far this year. On Tuesday, Tether and Circle, the two largest issuers, created $1.25 billion worth of stablecoins, driven by expectations of SEC approval for spot Ethereum exchange-traded funds (ETFs). Tether issued $1 billion in USDT on Ethereum, while Circle minted $250 million in USDC on Solana.</p>
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   <p>💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 1,000,000,000 <a href="https://twitter.com/hashtag/USDT?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#USDT</a> (1,000,359,999 USD) minted at Tether Treasury<a href="https://t.co/i6scFY73OO" target="_blank" rel="noopener noreferrer nofollow">https://t.co/i6scFY73OO</a></p>— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1792936762764857687?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 21, 2024</a>
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<p>Stablecoin supply increased typically signaling bullish sentiment as traders use stablecoins to purchase other cryptocurrencies. This surge comes amid substantial investments in spot Bitcoin ETFs, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener noreferrer nofollow">attracting</a> nearly $16 billion since their March launch. This rise occurs as spot Bitcoin ETFs garner nearly a billion since their introduction in March.</p>
<p>Tether and Circle begin minting after a KYC process, accepting fiat deposits to back each stablecoin with at least $1 in reserves. Tether’s USDT <a href="https://www.cryptotimes.io/2024/04/03/spot-bitcoin-etf-trading-volume-hits-111-billion-in-march/" target="_blank" rel="noopener noreferrer nofollow">dominates</a> the market with a $111.3 billion market cap, while Circle’s USDC follows with $32.7 billion. The statistics reveal that stablecoin’s market capitalization has increased from $130.8 billion to $160.6 billion this year, totaling to $2.7 trillion.</p>

Circle and Tether Mint $1.2 Billion in Stablecoins

The Crypto Times

Other articles published on May 23, 2024

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