The Tether Coin (USDT) and rival stable coin USD Coin (USDC) reached record levels of circulation, amid growing market criptomoedas.
As of November 7, the total amount of Tether Coin in circulation reached $72.18 billion and surpassed a record $70 billion, according to data from the glass node.
USD Coin also exceeded that limit with its last $1 billion USDC impression, bringing total circulation to $74.35 billion.
Historically, large price movements have accompanied an increased issuance of stable coins, which usually implies more demand for financing for larger cryptocurrencies. However, others believe that new stable coins are being introduced in an effort to sustain the market.
This is particularly the case for Tether Coin, which had trouble proving it had deposits to match the increased circulation. Earlier this year, Tether Coin reached an agreement with the NY State Attorney General regarding discrepancies with its dollar deposit amounts.
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crypto market record
At this point, however, one could be forgiven for associating the increase in stable currency circulation with the increased demand for crypto actives, as the total market capitalization exceeded $3 trillion. The Bitcoin gained 6.4% yesterday, to $ 66,500, almost approaching the historical record of US $ 67,000.
The Ethereum also recorded a jump of almost 3% and followed in the newer wing movement reaching another record high of US $ 4,768. In addition, Ethereum’s hash rate also hit a record 1,014,230,266,415,220, according to data from the Glass node. Meanwhile, in third and fourth place, Binance Coin and Solana rose more than 20% last week.
According to Kyle Rodda, an analyst at brokerage IG Markets. Falling real yields and expectations of inflation have increased the appeal of gold and cryptocurrencies.
“Financial institutions want to be a part of this, regulators don’t want to restrict it too much, ” he said. “We’re almost past the tipping point. Where it’s part of the system, and it’s going to be very, very difficult to get it out.”