The circulating supply of the four-largest stablecoins has spiked to new all-time highs, suggesting buyers could soon spark another leg up for the Bitcoin and crypto markets.
The combined capitalization of Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI) has surged almost 190% from $27 billion to almost $78 billion since the beginning of this year.
In its May 3 Week on Chain report, on-chain analytics provider, Glassnode, noted that Tether is firmly positioned as the stable token sector’s leader, representing two-thirds of the top four stablecoins’ combined capitalization. USDT’s total minted supply hit an all-time high of $51.78 billion at the end of last week after increasing by $1.48 billion or 3% in just seven days.
USDC supply has also increased by roughly $1 billion over the past week, with its capitalization currently sitting at $14.5 billion, according to CoinGecko. It briefly tapped a peak of $15 billion on April 30.
BUSD’s circulating supply tagged a record of