TechFlow news, according to CoinDesk, the total supply of two major stablecoins, Tether (USDT) and Circle (USDC), grew by nearly $3 billion within a week, indicating that investors rushed to buy cryptocurrencies at lower prices following Monday's (August 5) sharp market drop.
On-chain data shows that since Monday, Tether has transferred USDT worth $1.3 billion to exchanges and market makers. With this latest issuance, USDT’s market capitalization has climbed above $115 billion, reaching an all-time high.
Meanwhile, according to TradingView data, the market cap of the second-largest stablecoin USDC also rose approximately $1.6 billion this week to $34.5 billion—the highest level since March 2023.
In addition, DefiLlama data shows that in the four days following Monday's crash, Binance received over $1.5 billion in USDT deposits and more than $820 million in USDC deposits.
