The ‘stablecoins‘ sector did not fully benefit from Bitcoin’s rally to year-to-date highs. Fitch noted this, writes The Block.
According to CoinGecko, after the June 15 news of BlackRock filing for a Bitcoin-ETF, the leading cryptocurrency rose from $25,600 to $30,500 (at one point surpassing $31,000).
Over the same period, the capitalization of stablecoins rose from $124.66 billion to $128.66 billion, according to CoinGecko. At the start of the year, the figure was above $138 billion.
Analysts noted a decline in the daily trading volume of ‘stablecoins’ from $53 billion in March to $28 billion in May.
Experts noted improved liquidity of the assets as issuers altered their reserve-asset structures.
“In backing USDT, in the first quarter the share of Treasuries and сделок РЕПО rose by 6 percentage points and 5 percentage points respectively, reaching 65% and 10%», — analysts calculated.
Analysts arrived at similar conclusions regarding BUSD reserves.
Earlier, Berenberg analysts named stablecoins and DeFi as a potentialnext target SEC in the fight against the crypto industry.
Earlier, the head of the Fed Jerome Powell acknowledged that ‘stablecoins’ are money and called for their regulation.
In June, lawmakers in the US Congress introduced the third version of the sector oversight document. They proposed the Federal Reserve as the regulator. This would require the Fed to prepare future requirements for stablecoin issuance.