Stablecoin Market Sees Fluctuations With Some Coins Gaining and Others Reducing Supply

According to statistics, on March 26, the stablecoin economy was valued at $135 billion, with the top stablecoins representing $31.8 billion or 75% of the $42.17 billion in 24-hour global trade volume across the entire crypto market. In the last two weeks since March 11, 7.06 billion USDC and 351.57 million BUSD have been redeemed.

Timeline of Binance-usd, Multi-collateral-dai, Frax, Gemini-dollar, Liquity-usd, Trueusd, Usd-coin, Usdd, Usdp, Tether

MakerDAO has voted to keep USDC as the primary collateral for Dai, rejecting a proposal to diversify into GUSD and USDP. The decision was made based on reduced risks from a cascading bank run in the US and USDC's return to a $1 peg.

Mastercard has partnered with Stables to allow retail customers in the Asia-Pacific region to spend and save USDC through its network. Meanwhile, worldwide banking turmoil has not slowed the blending of traditional and decentralized finance (DeFi).

Users of the Telegram messenger will now be able to send each other the leading stablecoin, tether (usdt), directly in the chats. The new option expands the list of cryptocurrencies available for purchase, sale, and trade in the messaging app. Tether Added to Wallet Bot in Telegram Messenger Support for transactions with the U.S.

Tether has expressed optimism about its profits in Q1, especially now that March is approaching its conclusion. The demand for USDT surged in during the quarterly period for numerous reasons but the road ahead might have some bumps.

Tether chief technical officer Paolo Ardoino stated at Paris blockchain Week 2023 that the cryptocurrency company, which is the issuer of stablecoin, intends to achieve a $700 million profit in the first quarter of 2023, matching the profits of the last quarter of 2022.

Stablecoin issuer Tether (CRYPTO: USDT) projects a Q1 profit of $700 million, pushing its aggregate surplus reserves beyond $1 billion, according to the firm's CTO Paolo Ardoino. Tether is responsible for issuing the USDT stablecoin, which maintains a one-to-one relationship with the U.S. dollar.

Financial services company and issuer of USDT stablecoin Tether expects to generate $700 million in profit in the first quarter (Q1) of 2023, ending March 31, CNBC reported Friday.

Investors have been cautioned by the Securities and Exchange Commission (SEC) regarding the risky nature of investing in crypto asset securities. These investments are highly volatile and speculative in nature, coupled with the lack of investor protections on many platforms, which makes them vulnerable to potential loss.

Crypto News: Jeremy Allaire, Co-founder and CEO of Circle on Thursday, flagged off risk building around USD after the Silicon Valley Bank and other banks collapsed. This comes after Circle's $3.3 billion of funds exposed to SVB were shifted out.

Xapo Bank, a licensed private bank and Bitcoin custodian has partnered with financial technology company Circle to integrate USD Coin (USDC) payment rails as an alternative to the traditional SWIFT payment system. This partnership allows Xapo Bank members to deposit and withdraw funds using the stablecoin without fees.