The total supply of USDT stablecoins has not grown since the beginning of this month.
From June 1 to June 17, the USDT supply was$ 64.25 billion. The lack of emission suggests that there is currently no demand in the market for stable currencies.
Tether CTO Paolo Ardoino said,that demand was negatively impacted by the “significant decline in open interest in bitcoin futures”. USDT remains the dominant stablecoin on most derivatives exchanges.
Indeed, since mid-May there has been a decline in open interest in futures. At its peak, this figure was $ 20 billion, and by today it has dropped to $ 13 billion.
Open interest is measured by the total outstanding derivative contracts. The more money is poured into the market, the more open interest, and vice versa.
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Based on materialswww.theblockcrypto.com
