The purchases of stablecoins are probably one of the most positive things in the digital currency news. Our analysis today shows that they have recorded an increase during the market crackdown. As we saw the crypto market taking a beating and Bitcoin going even below $5,500, it seems like there were assets which also benefited from the buyers.
Certain stablecoins like USD-C, TUSD and DAI each witnessed increases of more than 200% in their 24 hour trading volume (even despite the market sell-off) as traders flocked to what they may have perceived to be safer alternatives in an attempt to escape market volatility.
This surge is not much surprising given the fact that the main use of stablecoins is to provide cryptocurrency users with the ability to convert volatile crypto positions into anti-fragile, ‘stable’ alternatives.
Tether (USDT), has ruled the roost during this increase. However, the market is now full of stablecoins aside from the pioneer (Tether) and now also includes competitors like USD-C, PAX and GUSD to name a few.
As data shows, Tether’s USD stablecoin is actually second on the list of growth during its 24-hour trading volume. The stablecoin that leads is USD Coin (USD-C) which is the regulated stablecoin backed by blockchain startups Circle and Coinbase, which witnessed the most notable uptick amid the market rout.
The volume of USD-C surged nearly 400% in 24 hours, from just over $5 million on November 14th to more than $25 million by the next day, representing its highest level of volume in the 24-hour window.
As recent data shows, USD-C is still the ‘king’ when it comes to daily trading volume. However, Tether (USDT) is still holding its ground on that front with its presence on 400 cryptocurrency markets.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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