The supply of stablecoin Tether (USDT) has been unaltered and flat since the start of the month of June. Paolo Ardoino, the CTO of Tether, has revealed that the demand for USDT has been affected due to a notable decrease in the open interest for the bitcoin futures.
USDT Tether Supply Flat After Decrease in OI for BTC Futures
In accordance with the data released by a major market aggregator, the supply of the stablecoin Tether USDT has remained at $64.25 billion. No surge in the USDT suggests that there is no demand for stablecoin in the market at present and there is no flow of cash in the market.
The CTO of Tether, Paolo Ardoino, said that the demand for stablecoin has decreased on most of the derivatives exchanges.
In addition to this, it should be noted that there has been a significant plunge in the aggregate OI of Bitcoin futures since the month of May following the creation of a peak of $20 billion the same month.
Discussing the surge in the open interest means that the new money is flowing into the crypto market and vice versa.
Bearish Trend in the Crypto Market a Major Reason for Lower OI in the BTC Futures Market
As revealed by Ardoino recently, the stablecoins are issued in accordance with the present market situations, and hence, the supply of these coins depends on it.
Well, this is not only the case with the USDT, but all the stablecoins are facing the same situation.
Talking about the stablecoins, contrary to the fiat currency, they enable the participants in the crypto market to shift faster between the crypto exchanges as fiat money transfers can take comparatively longer.