RATE Group | Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin
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Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

12 May Stablecoin Supply Breaks $10B as Traders Demand Dollars Over Bitcoin

Posted at 20:22h in Cryptocurrency News by

The value of assets for all stablecoins surpassed $10 billion Tuesday, having surged by over 70% in just two months, according to Coin Metrics. Stablecoin supply growth comes as more cryptocurrency traders choose to trade alternative cryptocurrencies (or altcoins) using dollar-backed digital tokens instead of bitcoin.

Most of the stablecoin growth comes from tether, which represents almost 90% of the total stablecoin supply. The largest tether markets measured by traded volume are supported by two Asia-based exchanges, Binance and Huobi, according to CoinGecko. Both exchanges support nearly 200 different cryptocurrencies, which makes them attractive platforms for altcoin traders.

Almost every exchange offers the choice to trade assets priced in different quote currencies, usually dollars or bitcoins, which determine the value of alternative cryptocurrencies. 

Altcoin traders have historically preferred to use bitcoin or even ether as the currency that prices other tokens. But during…

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