CandleFocus Stablecoin Supply Expands by $5B Since U.S. Election as Investors Pile Into Crypto
2024-11-12
Author: Content Editor
Demand for crypto liquidity increased significantly after the U.S. election, leading to a $5.4 billion growth in the supply of Tether's USDT and Circle's USDC stablecoins. This surge in stablecoin supply indicates capital inflows to the crypto economy and investor demand for digital assets. The expansion of stablecoin supply is seen as bullish for digital assets, as stablecoins serve as key trading pairs on exchanges and provide liquidity for crypto trading. Following the election, Ethereum-based stablecoin balances on exchanges jumped to a yearly high of $41 billion, signaling pent-up demand for crypto assets. The growth in stablecoin supply coincided with a surge in activity in the crypto market, including record highs for Bitcoin and increased interest in decentralized finance protocols on platforms like Solana and TON.
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