$ 2 billion increase in Stable Coins holdings at cryptocurrency exchanges
The latest data from CryptoQuant, an analytics company in China, shows a $ 2 billion increase in the amount of Stablecoins in cryptocurrency exchanges. CryptoQuant CEO Ki Young Ju described the large volume of StableCoins in circulation as a positive sign for the crypto industry.
He said most trading platforms allow users to buy cryptocurrencies such as Bitcoin and Ethereum using Stablecoins, as these stable tokens are more popular than other Fiat currencies.
He went on to point out that most exchanges have high levels of stable coins in their stocks so that they can execute and process user transactions in a highly volatile market.