Gate.io Blog Daily Flash | USDC Volume Flips Tether on Ethereum Network, Tether to Launch GBPT

Daily Flash | USDC Volume Flips Tether on Ethereum Network, Tether to Launch GBPT

23 June 09:16

Today's Headline - USDC Total Supply Hits 55.9B,Volume Flips USDT On Ethereum Network

On June 21, Circle's USDC hit $1.1 billion in daily real volume on the Ethereum network, which was double USDT's actual volume of $579 million, according to crypto market analytics tool Messari.

Interestingly, since May 11, the number of USDT in circulation has decreased steadily, falling by about 20% from 83.1 billion to a low of 67.9 billion according to the report. On the other hand, USDC's supply has grown by 13% to 55.9 billion since May 11. The dominance of Tether in the stablecoin market may come to an end if current trends hold.

Chart of the Day - Bitcoin Mayer Multiple Indicates a 50% Discount on Bitcoin Price near 200MA: Glassnode report

The Bitcoin Mayer Multiple is currently trading at 0.5, meaning price is at a 50% discount to the 200-day Moving Average.

Bitcoin prices have only closed at a Mayer Multiple value of 0.5 or lower on 3% of all trading days.

Influencer of the Day - Bitcoin S2F model gives a false sense of certainty, says Vitalik Buterin

Ethereum co-founder Vitalik Buterin has criticized the controversial Bitcoin (BTC) stock-to-flow (S2F) model, popularized by a pseudonymous Dutch institutional investor, PlanB.

“Stock-to-flow is really not looking good now. I know it's impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get.”
— vitalik.eth (@VitalikButerin)

The S2F model quantifies an asset’s price based on its scarcity and was primarily used for popular metals such as gold and silver. PlanB's popularized BTC S2F model suggests that BTC’s price will continue a steady and impressive path upward with approximately tenfold returns every four years.

Buzzes of Yesterday - #Tether to Launch GBPT, #Uniswap Acquires NFT Aggregator Genie

Vasil Fork Delayed By A Month: Cardano Devs

dYdX moves to Cosmos-based blockchain for v4

Uniswap Labs has acquired Genie, the first NFT marketplace aggregator

Magic Eden NFT Marketplace has raised $130 million at $1.6B valuation

Twitter's board endorsed the sale of the company to Elon Musk

Snoop Dogg files for new NFT and Metaverse trademark applications

Tether to launch GBP₮ stablecoin pegged to the British Pound Sterling

Author: Gate.io Researcher Peter L.
This article represents only the views of the researcher and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

ETH/USDT -1.26%

BTC/USDT -0.25%

ADA/USDT -3.28%

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