According to data provided by market data provider CryptoQuant, the amount of stablecoins stored on cryptocurrency exchanges has just hit a new all-time high.
In particular, according to the company, the number of stablecoins such as Tether (USDT) on cryptocurrency trading platforms around the world surged to a new high yesterday, when the figure surpassed $4.7B.
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It must be noted this is quite a high amount of coins if we take into account the total market cap of stablecoins amounts to $35.2B.
However, this is not the only indicator that is reaching record levels. Thus, the number of inflow stablecoin transactions increased to almost 33,000 transactions yesterday, up from 30,000 transactions on January 27.
The massive arrival of stablecoins on exchanges is often seen as a catalyst for the Bitcoin price due to the fact that stablecoins pegged to fiat coins such as USDT are often used by traders to make deposits on crypto exchanges. As a result, the massive arrival of stablecoins on trading platforms translates into an increase in buying power.