- Santiment tweeted that large amounts of TUSD has flowed to exchanges yesterday.
- The exchange supply for TUSD has risen to its highest level since June 22, 2021.
- Santiment shared that this increase in TUSD’s exchange supply may be a good sign for cryptos.
The blockchain analytics firm, Santiment (@santimentfeed), tweeted yesterday that True USD (TUSD) has seen waves of previously dormant coins moving to exchanges. According to the tweet, this has increased TUSD’s exchange supply to 73% for the first time since June 22, 2021.
The tweet added that stablecoins flowing to exchanges usually implies increased buying power and may be a good sign for the crypto market.
At press time, TUSD is ranked number 53 on CoinMarketCap’s list of the biggest cryptos by market cap, and has a market cap of approximately $967,957,460. The stablecoin has also seen a 10.28% decrease in its trading volume over the last 24 hours. As a result, the daily trading volume for TUSD stands at $35,875,413.
CoinMarketCap shows that the total stablecoin trading volume over the last 24 hours stands at $31.73 billion. The crypto market tracking website also shows that the total stablecoin volume currently makes up 88.25% of the total volume in the crypto space.
Looking at other stablecoins in the market, Tether (USDT) still leads the way in terms of stablecoins with the biggest market caps, with its estimated market cap of $70,857,235,744.
The next biggest stablecoin by market cap is USD Coin (USDC), with its market cap of $42,557,542,338. This also ranks USDC as the 5th biggest crypto in terms of market cap overall.
The 3rd largest stablecoin and the 8th biggest crypto in terms of market cap is Binance USD (BUSD) with its market cap of $11,127,571,997.
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