I agree with sbhk, coinmarketcap has been inaccurate for a while. Personally I've been using coingecko.
Of note, the Tether questions have been going on for a long time. In 2017 asked a buddy of mine who used to work for one of the major crypto hedge funds out there and for whatever reason he didn't think it was that big of an issue.
No comment on the delay in new attestations, but relying on coinmarketcap is not wise. Look at the data on coingecko and you will see not huge one time prints. Yes market cap has increased, but not in these huge one time prints of new USDC: https://twitter.com/lowstrife/status/1396784029886734340?s=20
If you take the growth rates of these 3 "stablecoins"... USDC + BUSD + USDT ... and extrapolate that out, you get to ridiculous numbers pretty fast. If they keep growing at the rate they have grown over the past 180 days (it's about 0.75% growth per day), and I think they will have to or else the whole system declines, the total for these 3 will be in the neighborhood of $500 billion by the end of the year. That's just these 3. There are others...likely the stablecoin market would be north of $600Bn.
My understanding from a lot of podcasts is USDT is much more transactional and has real world use in Asia for a variety of reasons. USDC It's being while it's much more regulated as it's tied in with coinbase
The yield on usdc can be exceptionally high (10%) per Genesis and Celsius which reflects the lack of liquidity in the space. Ironically, such a high yield spooks traditional investors (Discl: I bought gbtc, ethe, uniswap, and CEL last week but don't put my cash reserves in the crypto space)
I agree with sbhk, coinmarketcap has been inaccurate for a while. Personally I've been using coingecko.
Of note, the Tether questions have been going on for a long time. In 2017 asked a buddy of mine who used to work for one of the major crypto hedge funds out there and for whatever reason he didn't think it was that big of an issue.
No comment on the delay in new attestations, but relying on coinmarketcap is not wise. Look at the data on coingecko and you will see not huge one time prints. Yes market cap has increased, but not in these huge one time prints of new USDC: https://twitter.com/lowstrife/status/1396784029886734340?s=20
Distinction without a difference...it's all fake $ whether it was created in a big bang or over time.
If you take the growth rates of these 3 "stablecoins"... USDC + BUSD + USDT ... and extrapolate that out, you get to ridiculous numbers pretty fast. If they keep growing at the rate they have grown over the past 180 days (it's about 0.75% growth per day), and I think they will have to or else the whole system declines, the total for these 3 will be in the neighborhood of $500 billion by the end of the year. That's just these 3. There are others...likely the stablecoin market would be north of $600Bn.
My understanding from a lot of podcasts is USDT is much more transactional and has real world use in Asia for a variety of reasons. USDC It's being while it's much more regulated as it's tied in with coinbase
The yield on usdc can be exceptionally high (10%) per Genesis and Celsius which reflects the lack of liquidity in the space. Ironically, such a high yield spooks traditional investors (Discl: I bought gbtc, ethe, uniswap, and CEL last week but don't put my cash reserves in the crypto space)