Tether halted the issuance of USDT stablecoin
The company's CTO Paolo Ardoino explained in an interview with The Block that there was no need for a new issue after a significant decline in recent weeks - open interest in the bitcoin futures market, writes ttrcoin.
Ardoino claims that Tether USD is still continuing to attract customers. However, the company did not make any large issues of stablecoin during the month.
More than 68% of Tether USD token issuance is bought out by Chinese investors for the purpose of further investment in . That is why the growth of USDT capitalization is so inextricably linked to the rise of the BTC rate, writes cryptor.
Chinese investors are probably waiting for the People's Bank of China to tighten its monetary policy, the meeting of which will be held in the coming week. Bitcoin may collapse in case of tough decisions of the Chinese regulator.
In general, since the beginning of the month, there has been a decrease in the issuance of the majority of stablecoins. Last month, this market exceeded $100 billion for the first time and is now estimated at $106 billion.
CoinShares, an analytics service that analyzes institutional positions in crypto funds, notes active withdrawals from Bitcoin, Ethereum and XRP (Ripple) over the past week.
Apparently, traders are fearful of London's hardfork on the test networks, problems with which will crash the ETH exchange rate, and are also frustrated by the protracted legal battle between Ripple and the SEC.
CoinShares pays attention to the inflow of funds to Stellar and Cardano. Stellar (XLM) is a fork of the Ripple protocol, to which the U.S. regulator has no claims. Cardano is a real competitor of Ethereum, so the coin will benefit from the problems with the London hardfork.