Stablecoin Now the 16th Largest Holder of U.S. Treasuries | Crypto Daily Digest Oct.20
With the aggregate valuation of the top five stablecoins currently amounting to approximately $120 billion, stablecoins have become major holders of US Treasuries.
Stablecoins have become a significant global player in US Treasury holdings. As of June, their combined total surpassed $100 billion in US Treasuries, securing the sixteenth position worldwide in terms of US Treasury holdings.
This astonishing feat places stablecoins ahead of several countries, including Norway, South Korea, Germany, Mexico, Saudi Arabia, and the United Arab Emirates.
Japan currently stands as the world leader in US Treasury holdings with over $1 trillion. Following closely behind is China, with a substantial $800 billion in holdings.
One remarkable aspect of stablecoins is the pivotal role they play in daily trading volumes. Their trading volume is now equivalent to the twenty-second largest sovereign currency globally. This highlights the growing influence and appeal of stablecoins in the financial markets.
Beyond their influence in Treasury holdings and trading volumes, stablecoins offer an essential benefit – instant access to the US dollar. For countries without direct access to this reserve currency, stablecoins provide a means to access the dollar, enhancing global financial inclusivity.
Today's Market
Source： TokenInsight Gainers and losers
Headlines
Grayscale Files for New Spot Bitcoin ETF After Won the SEC Case
US SEC Suffers Third Consecutive Loss as It Dropped Charges Against Ripple Executives
SBF Trial: Former FTX General Counsel Says He Never Approved Loans of Customer Funds to Alameda
Other News in Case You Missed it:
Decentralized Derivative Exchange SynFutures Raised $22M, Led by Pantera Capital
Crypto Data Company Coin Metrics Raised $6.7 Million
Circle Announced Two Tools for Gasless Payment Experience and Easy Smart Contract Development
What's New from TokenInsight？
Crypto Exchange Report 2023Q3: Q3 saw a downward trend for the market as a whole, with the price of Bitcoin dropping from $30,000 to $27,000. So how are the exchanges doing? Let’s find out together.
Summary of Token Unlocks in 2023 Q4: We have compiled information on 12 upcoming token unlock events with unlock amounts exceeding $1 million. This information includes details such as unlock quantity, timing, amount, circulating supply, and other key data.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Crypto prices
More
