Feb 23, 2024

A Glassnode report shows that the stablecoin sector has seen significant increases in fiat inflows, with the total supply of USD-pegged tokens reaching $128.5 billion.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. It's time now to take a look at the chart of the day are investors getting ready to deploy capital. Alas node report takes a look at the staple coin sector and shows a significant increase in fiat inflows with the total supply of us D pegged tokens reaching over 100 and $28 billion. The report notes that the surge is predominantly fueled by US DT which has a 74.3% market share since 2020 stablecoins have been widely used to fund Cryptocurrency purchases. This is why an increase in the supply of stablecoins is taken to represent the potential buying pressure or dry powder that investors may deploy to purchase cryptocurrencies or use as a margin in derivatives trading. That's rav for today's chart of the day. I'm Jen Sani and we'll see you next time to unpack more of the data behind top news stories.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to coindesk.consensus.com to register and buy your pass now.