Oh, how the mighty dollar tether (USDT) doth swell on centralised exchanges! Since November’s bullish charge, it’s been a sight to behold, akin to watching a 🐢 turn into a 🐎 overnight. CryptoQuant, our dear fortune-tellers, predict this could spell the next phase of crypto’s price dance.
$43 Billion USDT Deposited, Exchanges Rejoice! 🥳💸
USDT, the kingpin of stablecoins, has set a new throne atop the mountain of deposits on centralised exchanges. Post-elections, a whopping $12.5 billion in USDT found its way onto these platforms, according to CryptoQuant, the soothsayers of on-chain analysis.
Stablecoins have climbed to dizzying heights on exchanges.
Since Nov. 4, USDT has soared from $30.5B to $43B (up 41%), drenching the market in liquidity.
Historically, more stablecoins equal higher prices.— CryptoQuant.com (@cryptoquant_com) January 31, 2025
This colossal influx of USDT liquidity has sent the stablecoin’s net volume on exchanges skyward by 43%, reaching an all-time high of $43 billion in less than three moons.
Meanwhile, the stablecoin sector’s net worth ballooned from $167 billion to $204 billion, according to CryptoQuant’s crystal ball. This 22.1% leap in November-January has broken records and left us gasping for breath.
Given that stablecoin liquidity is exclusively reserved for purchasing Bitcoin (BTC) and its lesser-known siblings, the gathering of stablecoins on exchanges whispers secrets of BTC’s next moonshot.
In the darkest days of the 2021-2022 crypto recession, post-FTX/Alameda apocalypse, the stablecoin volume on centralised exchanges dipped to a mere $18 billion. The stablecoin kingdom’s market cap was languishing at $140 billion, a far cry from today’s grandeur.
USDC, the Challenger Approaches! 🗡️💰
The stablecoin realm remains a one-horse race, with USDT clinging to its 66% dominance. Yet, the winds of change are a-blowin’, and USDC by Circle is nipping at its heels.
As U.Today chronicled, CryptoQuant hailed USDC as the fastest-growing stablecoin of late. Its asset cap swelled from $35 billion to over $52 billion in three short months.
USDT’s reign may face a coup d’état from new, regulated stablecoins like Ripple‘s RLUSD and the EU’s MiCA-induced purge.
As of Jan. 31, 2025, USDT is persona non grata for all European Crypto.com patrons, thanks to the new regulatory guillotine.
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2025-02-01 14:30