The stablecoin sector has not fully benefited from the digital gold rally to yearly highs. Fitch drew attention to this, writes The Block.
According to CoinGecko, following the news on June 15 that BlackRock filed an application to launch a Bitcoin ETF, the first cryptocurrency rose from $25,600 to $30,500 (at the moment exceeding $31,000).
Over the same period, the capitalization of stablecoins rose from $124.66 billion to $128.66 billion, according to CoinGecko. At the beginning of the year, the figure was above $138 billion.
Analysts noted a decline in daily stablecoin trading volume from $53 billion in March to $28 billion in May.
Experts noted the improvement in the liquidity of assets due to changes in the structure of reserves by their issuers.
“In providing USDT in the first quarter, the share of treasury bills and REPO transactions increased by 6 p.p. and 5 p.p. respectively, reaching 65% and 10%”, experts have calculated.
Analysts came to similar conclusions regarding BUSD reserves.
Previously, Berenberg analysts named stablecoins and DeFi as a potential next target. SEC in the fight against the crypto industry.
Recall that the chapter Fed Jerome Powell recognized “stablecoins” as money and called for their regulation.
In June, the US Congress presented the third version of the document on the supervision of the sector. Legislators proposed the Fed as a regulator. This obliges the Fed to prepare future requirements for issuing stablecoins.
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