Tether’s stablecoin offer has not changed since the beginning of this month: from June 1 to June 17, USDT tokens in circulation stood at $ 64.25 billion. The lack of growth suggests that Tether is not receiving new revenue from customers interested in issuing additional stablecoins.
Tether CTO Paolo Ardoino told The Block that the need for a new issue has disappeared after a significant decline in open interest in the Bitcoin futures market over the past weeks. USDT is the dominant stablecoin on most derivatives exchanges, he said.
After reaching a peak above $ 20 billion in mid-May, the volume of active positions in the bitcoin futures market by June 18 decreased to $ 13 billion. An increase in open interest implies the entry of new money into the market, while a decrease is the opposite trend. The fall in open interest, in turn, occurred against the backdrop of a pullback in the price of bitcoin from the absolute highs of about $ 65,000 in mid-April to the current $ 34,000.
Ardoino stressed that the issuance of stablecoins is carried out in accordance with the current market conditions, and the demand for them most often corresponds to a wider dynamics of ups and downs. In general, since the beginning of the month, there has been a decrease in the emission of most stablecoins. USDT continues to account for the largest market share in this segment with a total volume of over 60%. Recently, a regulated alternative, the USDC, has been closing the gap with it. Last month, the stablecoin market surpassed $ 100 billion for the first time and is now valued at $ 106 billion.
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