We're excited to announce that @stablecoinindex is now part of the @messaricrypto family! Read more in today's Unqualified Opinions newsletter: https://t.co/rPQDitxbE0
Looking at Dai price vs outstanding supply tells an interesting story:
1. ETH price drops from above $200 to ~$85 from mid-November to mid-December
2. This causes CDP liquidations, with Dai losing ~27% of supply by early-Dec
2018 was a fantastic year for stablecoins!! 🚀🚀🚀🚀🚀🚀🚀
These new digital assets will pave the way towards tokenization of all financial assets.
First graph is from @CryptoCompare showing the rise of USDT on global volumes. The second from @stablecoinindex shows new newbies.
Since Stablecoins have been coming out left and right I wanted to dive into them and add my own analysis.
I draw on info from @stablecoinindex, and a recently released report from @blockchain
Here is the thread!👇🏼
USDC is launching on Coinbase Pro. Customers can deposit USD and click to convert to USDC with no fee. Customers can also transfer USDC into and out of their Coinbase Pro accounts but cannot yet place or fill orders.
Stablecoin update: Tether has suffered about 730m in outflows from its peak; competitors have added about 120m to their combined supply. So a considerable amount of USDT outflows were not into other stablecoins
https://t.co/aV0b23Ttue
2/ First, Tether FUD is nothing new. In fact, skepticism about whether Tether actually holds the ~$2b it claims to have + FUD around a Tether implosion has been a constant background narrative for the last year. @crypto_macro charts it here: https://t.co/GV8W8xjHXJ
Chart of the day: Tether supply and price (note that these are daily closes so not all price volatility is reflected here). USDT has absorbed $300m outflows without much price impact in the past... can it do it again?
https://t.co/bZi9pCVQyA