USDC is down $2.2 billion this month, and USDT is down $440 million.
But strangely, the overall stablecoin market has barely moved. It’s at $303.9 billion today, compared with $304.0 billion a month ago—pretty much flat.
The money hasn’t left; it’s just moved somewhere else.
I looked at the 13 stablecoins with market caps over $1 billion. Nine are shrinking, and only four are growing.
USDf $510 million, up 42% in a month
USDS $280 million, up 4.3%
U $200 million, up 14%
PYUSD $80 million, up 3%
The three big ones that are shrinking: USDC, down $2.22 billion; USDT, down $440 million; and USD1, down $360 million.
Look at these four growing stablecoins together, and you’ll notice they have one thing in common: they all offer yield. USDS is backed by Sky’s savings rate, USDf is a yield-bearing synthetic dollar, and U also earns interest. USDC and USDT, on the other hand, just sit there earning nothing.
So here’s how I see it: the money hasn’t left the market; it’s simply moved from “sitting idle” to “earning yield.”
#稳定币
But strangely, the overall stablecoin market has barely moved. It’s at $303.9 billion today, compared with $304.0 billion a month ago—pretty much flat.
The money hasn’t left; it’s just moved somewhere else.
I looked at the 13 stablecoins with market caps over $1 billion. Nine are shrinking, and only four are growing.
USDf $510 million, up 42% in a month
USDS $280 million, up 4.3%
U $200 million, up 14%
PYUSD $80 million, up 3%
The three big ones that are shrinking: USDC, down $2.22 billion; USDT, down $440 million; and USD1, down $360 million.
Look at these four growing stablecoins together, and you’ll notice they have one thing in common: they all offer yield. USDS is backed by Sky’s savings rate, USDf is a yield-bearing synthetic dollar, and U also earns interest. USDC and USDT, on the other hand, just sit there earning nothing.
So here’s how I see it: the money hasn’t left the market; it’s simply moved from “sitting idle” to “earning yield.”
#稳定币