Legal tender is rapidly entering the cryptocurrency field
The rapid expansion of stablecoin supply indicates that fiat currency is accelerating its entry into the cryptocurrency field. 10x Research points out that in the past 30 days, the supply of stablecoins USDT and USDC has increased by $10 billion, twice as much as the inflow of Bitcoin ETFs during the same period. Stablecoins are tokens pegged to the dollar and are widely used as a bridge between traditional currencies and digital assets and trading liquidity.
10x Research suggests that compared to Bitcoin ETF inflows, an increase in stablecoins may be a better signal for cryptocurrency demand. Markus Thielen, founder of 10x Research, advises reducing focus on Bitcoin ETF flows and points out that growth in stablecoins is the most sensitive signal for cryptocurrency markets which will drive them higher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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