How many stablecoins have been transferred to exchanges in the last four days?

What's new?

Over $5.8bn of stablecoins have been transferred to exchanges in the period 11-15 May.

Why is this relevant?

The stablecoins accounted for are BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT, USDC. Stablecoins are pegged to a fiat currency and are largely used to purchase cryptocurrencies. If there is a large number of stablecoins on exchanges, it suggests there is plenty of capital ready to purchase cryptocurrencies.

What does the data tell us?

On-chain data shows that over $5.8bn of stablecoins have been transferred in the most recent four-day period.

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Conclusion
In the history of crypto, the current outstanding amount of “dry powder” or cash ready to be allocated to cryptocurrency has never been larger - now over $34bn in total. It’s unclear when or if this “dry powder” will be allocated, but it is a great on-chain sign.

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